Long-term investors know the relationship between risk and return.

Unfortunately, when market conditions are tough, it can seem like it’s all risk and no return. That’s a good time to be wary.

It’s when the temptation is strongest to gravitate towards asset classes or investment structures promising all the return and none of the risk (as highlighted in the footnote, this is the time to be REALLY wary).

Unlisted assets are currently basking in that spotlight. For several years, they’ve appeared to generate traditional equity-like returns with bond-like risk levels, helping power the performance of some large super funds. Now unlisted retail fund offers are springing up in response to growing demand even as question marks remain around unlisted asset risks and valuations.

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