Which asset class would you make a career in?

I am looking to specialize in a particular asset class for the remainder of my career where my role would be to pick managers/funds within the asset class for clients (UHNW, E&F, etc.) to directly invest their capital. Which asset class do you think has the most promise for a career in and why?

I detailed out below the Asset Classes I am considering along with the most common sub-strategies and goals.

Asset Classes •Fixed Income o Asset Types: developed market government bonds and US muni bonds o Asset Goals: low risk instruments which offer protection against unexpected deflation or inflation, and are a source of liquidity for rebalancing •Liquid Credit o Asset Types: corporate credit across investment grade bonds, high yield bonds and leveraged loans. Emerging markets corporate and sovereign debt. Structured credit (e.g., collateralized loan obligations, commercial mortgage backed securities and residential mortgage backed securities). Niche areas of short duration credit such as consumer lending and other specialty finance strategies o Asset Goals: generate a contractual return primarily through income yield, which compensates investors for the risk of default •Private Debt o Asset Types: directly-originated senior or mezzanine lending to middle market companies and real estate investors. Also includes opportunistic special situations and sector specialist strategies o Asset Goals: generate a complexity and illiquidity premium (expect to avg 300 bps in excess of liquid credit returns). Typically include a high level of contractual return and a significant margin of safety from substantial equity subordination or asset coverage •Absolute Return o Asset Types: hedge fund strategies: discretionary macro, event / risk arbitrage, quantitative / systematic trading, equity market neutral, fixed income relative value, insurance-related strategies and style premia strategies o Asset Goals: purest expression of alpha with low correlation to traditional financial market returns. Preserve capital in a market dislocation and thus to be a potential source of liquidity for rebalancing •Public Equities o Asset Types: long-only, long-short and activist strategies o Asset Goals: exposure to returns tied to global economic growth. Long-term investment horizon •Private Equity o Asset Types: leveraged buyouts (across all sizes of companies), growth equity, venture capital and distressed/turnaround strategies o Asset Goals: expected to be the highest-returning asset class. Investors benefit from the manager’s ability to add value through strategic, operational and financial levers. Expect to avg 400 bps over public equities over the long-term •Real Assets o Asset Types: physical or hard assets with economic utility. Commercial and residential real estate, farmland, timberland, energy and mining investments. Infrastructure assets such as transportation, power, energy and other utilities. Fungible assets such as airplanes, railcars, ships and equipment o Asset Goals: long-term hedge against inflation, linkage is tenuous over shorter time frames. Can generate income streams with the potential to grow over time •Uncorrelated Alternatives o Asset Types: litigation funding, drug trial funding, appraisal rights, insurance or life settlements. Royalties (drug, technology, or entertainment), leasing strategies, consumer lending and other lending strategies where the nature of the underlying collateral is uncorrelated. May also include antiques, art and vintage cars o Asset Goals: investments where the underlying risks are uncorrelated, or less correlated, with both traditional market returns and also returns from traditional alternative asset classes