Which of the following would NOT be considered an example of an alternative investment class?

• A. Gold.
• B. Private equity.
• C. Commodities.
• D. Government bonds.

Answer: (D)

Alternative investments are assets that lie outside the traditional categories of stocks and bonds and are pursued to diversify risk and access different return drivers. Government bonds are a traditional fixed-income instrument, typically included as a core part of a standard portfolio’s bond sleeve and not considered an alternative. In contrast, gold and commodities are usually grouped with alternative investments because their prices are driven by different factors such as inflation, currency movements, or supply-demand dynamics, and private equity is a long-hold, less liquid opportunity also categorized as an alternative. Therefore, government bonds would not be considered an alternative investment class.