The sharp runup in US inflation in 2021-2022 revived the idea that a so-called real assets portfolio is crucial for asset allocation strategies. But with the peaking of inflation in mid-2022, the outlook has turned murky for a dedicated focus on assets that are expected to benefit from higher pricing pressure. For perspective, let’s assume that a real assets portfolio is comprised of four groups via their ETF proxies: commodities (GSG), gold (GLD), inflation-protected Treasuries (TIP) and real estate (VNQ). These components are equally weighted and rebalanced at the end of each calendar year. For comparison, the ... (full story)