A few active management funds I have screened based on comparative performance within their sector:
Foreign Small Blend - GLFOX
Foreign Small Value - QUSOX
Foreign Small Growth - WAIOX
World Allocation - KTRSX
Europe - CAEZX

Foriegn SC funds (other than QUSOX):
GLFOX
WAIOX
Europe:
CAEZX
World Allocation:
KTRSX

http://csinvesting.org/tag/david-iben/
David Iben is touting uranium, gold, and coal according to the linked article. Not surprising that KGGIX hasn't done anything since he opened the fund. Thanks to kevindow for the CS white paper. I have a position in GLFOX.

@linter: LLJB was discussing KGGIX, which is a "diversified" global all-cap fund which is really liking materials and Russia, whereas GLFOX is a non-diversified infrastructure fund with 39% in utilities and 43% in industrials. So I wasn't sure if infrastructure was of interest. Also, infrastructure funds, because of their exposure to utilities may not fare well in a rising interest rate environment, and hot money may migrate to other sectors. Surprisingly, GLFOX did well in the latest interest rate spike 4/21/2013 - 9/1/2013, when the 10 YR increased from 1.66 to 2.94%, whereas its competitors were no so fortunate as shown HERE.
@LLJB: Both funds are outstanding, but recent performance has been better for GLFOX which hedges its currency exposure. I suspect that GLFOX had some sort of hedge in place during the interest rate spike in 2013 as its performance was very different from its competitors.
Here is a nice white paper on infrastructure investing:
https://www.credit-suisse.com/pwp/am/downloads/marketing/infrastructure_ch_uk_lux_ita_scandinavia.pdf
Kevin

the phrase "amenable to infrastructure" suggests that some people might have a bias against it. if you don't mind, what are the downsides to an infrastructure fund like GLFOX (which I own a good chunk of, btw.)?

@LLJB, in the global multi-cap space, I continue to like VMNVX/VMVFX, HCOYX, and if you are amenable to infrastructure, GLIFX/GLFOX. Of these funds, we own HCOYX and GLIFX. Actually, right here, right now, I like all of these funds much more than Iben's fund.
Kevin

Over the weekend I compiled a few funds that I hope will be complimentary to my equity holdings. Real Estate and commodities were on my list along with a variety of bond funds (LT / ST treasuries, TIPS, and Multi-sector funds). I also wanted to consider some equity sector funds and here I'm considering Utilities, Industrials, Japan, India, and Transportation to perform well this year.
With this, here's are some choices that have outperformed in there respective category over 1,3 and 5 years. They have relatively low ERs and are often available with no transaction fees.
RE - RRREX,
Utilities - GASFX, TOLSX, GLFOX
Commodities - SKSRX, PCRDX
Income - PONDX, FAGIX
TIPS - TIPSX
Japan - HJPNX
India - MINDX
Industrials - FSRFX
LT Treasuries - WHOSX
ST Treasuries - FMEQX

The concept "Real Assets" is open to widely differing interpretations by different managers. If a manager rode the real estate bull for the past several years, he's looking pretty good today. If he's been heavily into oil, not so good. It's a broad area which might include timber, infrastructure (railways, ports, power generation), farmland, miners or gold bullion. So, you really need to look under the hood and see what you'd be diversifying into.
...
I'm not familiar with the funds you list. But, I known there are a great many out there and that there are profound differences among them.

@willmatt72 I think @hank 's advice here is exactly right. Because "real asset" can mean such a broad swath of things, you need to look under the hood. There are lots of differing funds, each sort of specializing in different areas. NRIAX, for instance, looks a lot different than PRAFX, which is different than FSRRX. They can all certainly act as diversifiers, but you have to know specifically what you want out of them.
NRIAX / JRI 's focus is creating income in areas which could also show capital appreciation and might fight inflation. As such it looks for passthrough income from real assets, specifically from Real Estate and Infrastructure, and in both equities, preferreds, and fixed income. In other words, it has very limited commodity or natural resource exposure. That's also a big part of the reason why it has looked so good recently. Here's a link to NRIAX's info page at Nuveen. They have some good literature on the fund there. In particular, this is what the prospectus says about NRIAX's holdings:

Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in securities issued by real asset related companies that are generating income at the time of purchase. Real asset related companies are defined as: (i) companies that are in the energy, telecommunications, utilities or materials sectors; (ii) companies in the real estate or transportation industry groups; (iii) companies, if not in one of these sectors or industries, that (a) derive at least 50% of their revenues or profits from the ownership, management, operation, development, construction, renovation, financing, or sale of real assets, or (b) have at least 50% of the fair market value of their assets invested in real assets; or (iv) pooled investment vehicles that primarily invest in the foregoing companies or that are otherwise designed primarily to provide investment exposure to real assets.
The categories of real assets on which the Fund will focus its investments are infrastructure and real estate. Infrastructure consists of the physical structures and networks upon which the operation, growth and development of a community depends, which include water, sewer, and energy utilities; transportation and communication networks; health care facilities, government accommodations, and other public service facilities; and shipping, timber, steel, alternative energy, and other resources and services necessary for the construction and maintenance of these physical structures and networks.

Depending on the size of your portfolio, your risk tolerance, individual goals, and your comfort level with managing such things, you could just take a global infrastructure fund (GII, GLFOX, TOLSX) and combine it with a REIT index/fund or REIT income fund (FRIOX, LRIOX), and maybe some sort of TIPS or commodity exposure to come up with your own allocation. If the portfolio is smaller, or you want professional management, than something like NRIAX or PRAFX make sense to my mind. In anycase, it makes more sense as an "alternative" to me than liquid alternatives/managed futures/non-traded assets or what have you.

Four Healthcare Funds
3-FIDO-1-JANUS.....enough said.
GASFX - been selling into strength all year; have small position left (great move dumbass!)
GLFOX - shout out to Scott.....great call! must talk with and listen more to you.
PRBLX
LCPAX - the one I'm most proud of....who would've thunk it?!
God bless!
the Pudd

GASFX = 21%
MINDX = 64%
VGSIX = 30%
GLFOX = 17.6%
OAKLX = 15.4%
TOLSX = 18%

@JohnChisum
Thanks for the link to dailyalts.com. Looks interesting, and I have bookmarked this site.
Right here, right now, with domestic equities fully valued, developed foreign equities in a definite funk, and interest rates destined to increase over the next 12 months, I would have no problem owning a 10-20% position in Alts -- as long as they continue to perform. At this time, we own a 10% position in PQTIX (investor ER 1.15%), and I am considering the purchase of a 10% position in QLEIX (investor ER 1.39%).
@Junkster
Conditions like 2008 will inevitably occur in the future, and just like in 2008, common investors like us -- who likely overestimate our abilities -- and the "professionals" will be caught by surprise.
I continue to think that investors can obtain adequate downside protection with a wise mix of relatively low-cost equity, balanced and bond OEFs/ETFs, such as: MOAT, RPV, SCHD, VDIGX, VASVX, VSTCX, VMNVX, SPLV, EFAV, TOLSX, GLFOX, DODGX, DODFX, DODWX, DODBX, PRWCX, VWENX, HBLIX, WHGIX, VWIAX, PIMIX, PIGIX, MWTIX, DBLFX, DBLTX, DBLEX and RSIVX . But I remain open to relatively low-cost alternative funds, such as PQTIX, QLEIX, AQRIX, LMAPX, CRUMX, and even BG's JUCIX. As for the Alts, I am willing to be very, very patient, and track and track, and resist the temptation to be an early investor, but if the Alt fund continues to impress, I am willing to pull the trigger and buy.
Kevin

A fund not listed that M* categorizes as world allocation, but is heavily weighted to utilities is TOLSX. Also GLFOX for sc/mc ute play

GLFOX has a considerably better performance record and MPT stats than IGF.

Hi Old Skeet!
I'm like you....cash ready, hang tough. It's coming..... after all, the G-20 are meeting now, so please be calm. We don't want to scare the children, now would we? I was looking in Fidelity funds because of EU doing QE. Thought some money. Would go elsewhere in the world. Bumped into this fund FEMEX. Wow! I say run away if this is the best they got. I am waiting for a small & mid cap fall....not so much the big stuff. Am buying silver now. Does anybody have any investments for the strong dollar? I am looking at MAPIX, GLFOX for this. Also, for U.S. mid caps: CHTTX. I like the girls. I also saw (on CNBC) that 1 in 4 Americans want to secede from the country. Me, too! And my state stinks, too. Duke says I can be President of our country if I want to. He said he'll be the army... not sure how well that's going to work out. Wife says she wants to be First Lady, and that means a new wardrobe. Can you say, deficits already?! That also means a new car...have to go in style. Maybe I can print my own money....that would help. Get some inflating going. That always helps things. Duke wants a new doghouse. Awww, the military always wants something. I guess I have to give it to him. Don't want a coup. He's been snappy since the pool's closed. Anyway, looking for a pullback really bad. I want to buy some things. Cash doesn't pay well.
Party on Dudes!
the Pudd

You may want to look at a global infrastructure fund that invests in worldwide energy, utility, engineering,transportation,water,etc.projects and ownership there of.I own MTIPX.
MTIPX
http://portfolios.morningstar.com/fund/summary?t=MTIPX&region=usa&culture=en-US
GLFOX
http://portfolios.morningstar.com/fund/summary?t=GLFOX&region=usa&culture=en-US

Hi guys!
It's been awhile....have been working 6 days. The decline, while (ouch!) it has been good, my portfolio declined 25% less than S&P--that's a good thing! The infrastructure funds I bought this year have been hit harder than I thought they would be. I also saw every fund family now has one, and the top ten holdings are about the same. So, I think it's time to sell one. Also, this dollar going up has hurt things in the overseas area. I wish Europe would just do QE and get it over with so the world can move on. My biggest surprise in the portfolio was CHTTX this year. The girls are doing great with the downturn. The sell list got longer. GASFX --will keep toehold. Selling all (GLFOX, GLPAX, WPFRX. Have too many funds as it is. And, David, I do like your commentary. It's what keeps me coming back, so do what you do. Best keep writing because I will spend the time reading it all and pondering your thoughts.
the Puddnhead
p.s. As I discuss it with Duke (my dog), as he lies aside me, I think he mostly agrees with you. I only rarely get any backtalk from him about you.....but will keep you informed if it changes.

Up: DMCRX +0.51 (minor component), WAMFX +0.30, AQMNX +0.20, GLFOX +0.13, MAPIX +0.06.
Worst down TGLDX -0.93.

Hi, Ted!
You’re right…..I got so excited I ran out the back door and jumped in the pool….beat the dog by a step and a half, yessir! A man of action I am!
Sorry,...I just couldn’t stop myself. My wife says, “One too many….and, will you ever learn?” Women! No sense of humor! Ok, being serious…..you are quite right. I do overthink sometimes. Haven’t done much since January….was busy then. Bought GAINX -- toehold; GLFOX and NMFIX -- bought 2….1 just didn’t seem enough. Like Dennis Gartman, I want something that hurts when you drop it on your foot. I think he should drop something on his head so he doesn’t talk so much, but I digress…..
The most I put money into is MLPs, GLPAX, LCPAX, MLOZX. I don’t understand everything about MLPs, but I know I want to be there. So I guess you could say little cash, lots of talk. Sort of like the Fed when you’re out of bullets….
The Puddn

Scott,
Thanks for listing various infrastructure investments. I might be interested in TOLLX or GLFOX, although I'm wondering if I might be late to the game by initiating positions in them now. Since they may be grouped in with the utility/higher yielding sectors, do you think these infrastructure funds will be more negatively affected by an increase in interest rates compared to other sectors? Thanks.

@Scott, so what are your favorite ways to play infrastructure? Is it through funds or stocks, ie BIP? I agre on the water front have been considering CFWAX, which is load waived through Fidelity.

My position in BIP is a long-term one, although noticeably smaller than it was a year or two ago. I don't own it, but a company somewhat similar to BIP is Cheung Kong Infrastructure (CKISF.PK), which is a subsidiary of the giant Cheung Kong conglomerate.
I own INF, which I just continue to reinvest the monthly divs on.
I own a wide variety of energy infrastructure, although a favorite is Gibson Energy (GBNXF.PK), which is an enjoyable mix of infrastructure (including pipeline, rail loading and storage) as well as various oil services. They are the largest independent for-hire truck hauler of crude in the US and have an environmental business as well.
I think agricultural infrastructure is highly appealing, but options are limited. I own Graincorp in Australia, as well as a speculative position in Ceres Global Ag (CERGF.PK). The latter is really speculative, but owns both ag infrastructure, as well as rail and is building a commodity logistics center on the Canada/US border that will hook up to the BNSF rail line. Graincorp is somewhat volatile as well, but has a terrific dividend policy.
The Andersons (ANDE) is a US stock that is similar to Graincorp in a number of ways, but the volatility on that stock is enough to make one need dramamine. The Andersons has great assets, but the stock is too exceedingly volatile for me. There's also Archer Daniels Midland, although I think that's run up a bit much.
The railroads are a favorite and really something that I own and don't think about - very much a long-term investment. The railroads continue to do very well, whether it be frac sand or oil or the massive grain harvest in Canada.
In terms of frac sand, "U.S. frac-sand shipments jumped more than fourfold to 20.9 million tons in 2012 from 4.9 million tons in 2007, according to Freedonia Group, a Cleveland-based market researcher. Demand is expected to more than double to 52.1 million tons by 2022, Freedonia said" (http://www.bloomberg.com/news/2014-04-17/fracking-sand-spurs-grain-like-silos-for-rail-transport.html)
The pipelines are also worth exploring, but I do think that there's names both in the US and north of the border. It's clear that Keystone is probably not going to be approved this year (if ever), so other Canadian/US pipelines will continue to be popular, such as Kinder's Transmountain pipeline, which is pushing to expand. Enbridge and Plains All American (PAA) are other companies with exposure and there are a number of others.
I think most people can (and are probably best) playing infrastructure via a position in a fund such as TOLLX or GLFOX. I focus on individual names primarily because of my interests and a desire to focus on specific segments.