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Asset ManagementA Systematic Approach to Factor Investing$
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Andrew Ang

Print publication date: 2014

Print ISBN-13: 9780199959327

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199959327.001.0001

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“Real” Assets

“Real” Assets

Chapter:
(p.346) Chapter 11 “Real” Assets
Source:
Asset Management
Author(s):

Andrew Ang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199959327.003.0011

Many “real” assets, including inflation-indexed bonds (linkers), commodities, and real estate, turn out not to be that “real.” While a single linker provides a constant real return by definition, linkers as an asset class have almost no correlation with inflation. Among commodities, only energy has been a decent inflation hedge. Gold, surprisingly, has been a poor inflation hedge. Real estate has some but certainly far from complete inflation-hedging ability. Boring Treasury bills, in contrast, are the best at hedging inflation.

Keywords:   inflation hedge, TIPS, commodities, gold, real estate, T-bills, real rate, break-even inflation, contango, backwardation, spot, cash, roll

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