The last six months may seem like a lifetime to investors, with the jubilation of the post-COVID economy giving way to inflationary blues, and equity markets entering the worst bear market in years. The roller coaster is not over, however, with the Ukrainian crisis yet to be resolved, inflation rampant, and supply chains restricted. Oases have been hard to find. Many real assets, alternatives and infrastructure trusts have managed to generate positive NAV returns. However, as the risk-off ride accelerated in Q2, share price total returns have turned negative for more and more trusts. Amidst the volatility, the relative safety of cash may be appealing, but that is partly due to the money illusion: £100 is going to be worth a lot less in six months than it is now. With that in mind, our team of analysts look forward to the next six months and highlight areas that could be of interest for those who share this view.