RT Journal Article SR Electronic T1 Does Rare Whisky Add Value in Multi-Asset Portfolios? JF The Journal of Alternative Investments FD Institutional Investor Journals SP 90 OP 109 DO 10.3905/jai.2022.1.154 VO 24 IS 4 A1 Lars Tegtmeier YR 2022 UL https://pm-research.com/content/24/4/90.abstract AB This article examines the importance of rare whisky as an alternative asset class, with particular attention given to its price driving factors, risk-return characteristics, and diversification potential. We show that rare whisky has specific characteristics in terms of the driving factors of its price that differ significantly from those of traditional financial assets, making rare whisky interesting as an investment. Furthermore, we analyze the risk-return characteristics of rare whisky in detail and compare them with those of stocks, bonds, hedge funds, private equity, commodities, real estate, and fine wines based on monthly data for the period from January 2013 to December 2020. The specific risk-return characteristics of rare whisky compared to the other asset classes under investigation suggest that rare whisky should be considered a separate asset class. Furthermore, it can be demonstrated that the addition of rare whisky to an international multi-asset portfolio leads to statistically significant performance improvements for various investment strategies.