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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 21 September 2021

“Real” Assets

“Real” Assets

(p.346) Chapter 11 “Real” Assets
Asset Management

Andrew Ang

Oxford University Press

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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