Nuveen says real assets, including real estate, infrastructure and natural capital, can diversify portfolios through differing return patterns, stable cash flows and inflation protection. Its analysis from 1991 through 2025 found that adding real estate and infrastructure improved risk-adjusted returns and reduced volatility. Global private real estate has posted positive returns for eight consecutive quarters, while values remain about 5% below their peak. Commercial real estate lending is a key opportunity: only 21% of borrowers with loans maturing within three years plan full repayment, and limited lending supply could support double-digit returns in the US, Europe and Australia with appropriate leverage. Nuveen also sees opportunities across power generation, transmission, battery storage and data centers as European power demand is projected to rise 42% over six years. Farmland and timberland offer inflation-linked exposure, while the firm is monitoring interest-rate sensitivity, energy-price volatility and food and land-use pressures.