Fine wine as an investment delivered a return of 9.2 percent in 2018, in a year where equity markets and other alternatives struggled, according to a new report.

Cult Wines, a fine wine asset manager, argues in a new report that fine wine is an important asset class given its strong returns in recent years and low correlation to equity markets.

The Alternative Investment Report 2019 benchmarks the financial performance of fine wine against a range of alternative investments including hedge funds, real estate, commodities...