However, PE paled in comparison to Bitcoin, which had seen a price increase of about 20,000 per cent in United States-dollar terms since the year 2015.
Brown said it was excluded from its list of 16 asset classes because it was not adopted by institutions last year.
“Performance has been absolutely stellar ... But, also very volatile.”
Mercer’s research revealed the best performing assets of the past decade were global and New Zealand equities, domestic commercial property, Australian equities and global listed infrastructure - in that order.
Watch today’s episode of Markets with Madison above to learn about the losers in the 10 years to the end of 2023.
Get investment insights from executives and experts on Markets with Madison every Monday and Friday here on the NZ Herald, on YouTube and wherever you get your podcasts.
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Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.
Madison Reidy is the host of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.