Alternatives Relative Value Outlook

The 2Q 2026 AISS report provides a 12–24 month relative-value outlook for alternatives, noting increased conviction in U.S. REITs and a focus on infrastructure amid global energy demand. The analysis balances growth-oriented and income-oriented strategies based on evolving macroeconomic conditions.

Key Takeaways

• 1.U.S. REITs upgraded to higher conviction due to healthy operating fundamentals and discount to private market valuations.
• 2.Infrastructure, particularly utilities, is benefiting from surging energy demand driven by data centers and high-tech manufacturing.
• 3.Geopolitical tensions in the transport sector are extending trade routes, creating tailwinds for transport asset lease rates.

Table of Contents

• AISS Alternatives Relative Value Outlook 2Q 2026
• Important considerations for the AISS relative value outlook
• AISS 2Q 2026 outlook
• US REITs – Strong operating fundamentals at compelling pricing
• Infrastructure
• US real estate
• J-curve alternative asset classes
• Global transport leasing
• Implementing relative value views in a portfolio
• Relative value convictions evolve over time: More than two-thirds accuracy based on historical track record
• Alternatives Investment Strategy & Solutions (AISS)

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