Across institutional and retail investment mandates, the concept of using just bonds and equities to construct a diversified portfolio is on the way out.
But how do advisers and investors approach this shifting trend, overhauling the foundations of multi-asset investing from a bygone age? Which assets can provide yield, growth and diversification?
Growth is often synonymous with equity - but can more private and illiquid forms of company investing help a multi-asset portfolio? And can newer forms of fixed income investing offer the right diversification from equity markets that government bonds once used to?
And in all this - what is the best way to access these strategies? Should illiquidity be embraced by retail investors as long as the vehicle itself is suitable?