Real assets are a broad and heterogeneous category. Oil and natural gas, real estate, infrastructure, metals and minerals, agriculture and timber, water resources and mitigation banks, among others, constitute the universe. These broad categories themselves have many subtypes with different and complementary investment characteristics, making them valuable additions to properly constructed investment portfolios.
Consider the case of commercial real estate. This includes many subtypes such as multifamily residential, grocery-anchored retail, lifestyle and power centers, office, industrial, healthcare and hotel properties, as well as other specialized assets. Or take the case of infrastructure: it, too, has many subtypes that include transportation (bridges, tunnels, roads, railways, urban transit, maritime ports, airports), energy (electricity generation transmission, distribution, oil and gas pipelines, storage), communications (cables, towers and transmission networks),