问题如下：
An committee would like to know which alternative asset would best mitigate the risks to the portfolio due to unexpected inflation and also have a relatively low correlation with public equities to provide diversification benefits. Which of the following alternative investments should be recommended?
选项：
A. hedge funds.
B. private equities.
C. commodity futures.
解释：
C is correct.
Real assets (which include energy, infrastructure, timber, commodities, and farmland) are generally believed to mitigate the risks to the portfolio arising from unexpected inflation. Commodities act as a hedge against a core constituent of inflation measures. Rather than investing directly in the actual commodities, commodity futures may be incorporated using a managed futures strategy. In addition, the committee is looking for an asset class that has a low correlation with public equities, which will provide diversification benefits. Commodities are regarded as having much lower correlation coefficients with public equities than with private equities and hedge funds. Therefore, commodities will provide the greatest potential to fulfill the indicated role and to diversify public equities.
Alts中午是不是不分expected or unexpected Inflation？就是觉得commodity不能对抗非预期通胀才不选的。经典题课中讲实物资产和房地产都抗预期和非预期通胀
