Research

Alternative investments—finding the best “fit”

Fidelity Institutional Wealth Adviser (FIWA) has developed a research framework to evaluate vehicle structures that may help advisors in their alternative portfolio construction decision-making.

Key Takeaways
  • The growth of alternative investment products is opening the door to wider adoption across more investor types.
  • Regardless of the product type, alternative investments entail many complexities, requiring an understanding of not only the strategies, but also the vehicles that hold them. There is no "one size fits all." The best vehicle fit will depend on numerous variables that are as unique as the needs of each client.
  • Fidelity Institutional Wealth Adviser (FIWA) has developed a framework to evaluate the “fit” of a given vehicle to the underlying investment strategy. The framework focuses on two areas, (1) liquidity alignment, and (2) vehicle constraints. It can be used with any asset class or vehicle type, but in this article, we will focus on evergreen private market strategies and liquid alternatives, where it may be most applicable.
  • We believe understanding vehicle fit is a critical piece in the alternative allocation process, as it may help advisors make better investment decisions and potentially enhance client portfolio outcomes.