No, I think they are a separate asset class. They are essentially bonds with a floating rate. As such, the capital value can change with interest rate expectations and actual movements. Thus they need to be managed as a distinct asset class.
I see an investor making an overall asset allocation into:
Each must be managed separately. Usually, having set the allocation then reviewed and changed it from time to time, the amount allocated to shares would be fully invested. Because my property exposure never changes and I do not bother with bonds, my asset allocation is easily dealt with as I do in my videotape. My approach is to shift some into cash at times of high risk. However, if you are going to have a bond holding and maybe a variable asset allocation to property, then you just have am more complex asset allocation process, that is all.