<\/p>\n
Sovereign wealth funds and central banks managing $29 trillion in assets \u200care turning to energy assets, and raising concerns about the dollar, in a portfolio reassessment driven by unprecedented geopolitical shifts, according to an Invesco survey published on Monday.<\/p>\n
The survey of 90 sovereign wealth funds and 54 central banks showed an increasing focus \u200bon diversification, and investment portfolios that can “take a hit and still hold it together” amid trade tariffs, closed \u200bshipping channels and wars in Ukraine and the Middle East.<\/p>\n
Some 80% of those polled said energy \u2060security and energy transition infrastructure were the most credible investments for making their portfolios more resilient, and infrastructure \u200breached 9% of sovereign wealth fund assets in 2026.<\/p>\n
The race to build energy-hungry AI infrastructure added to the appeal, \u200bthe report by the global investment management firm found.<\/p>\n
“In a world of inflation shocks, geopolitical fragmentation and more concentrated markets, investors are rethinking old assumptions about diversification and redesigning portfolios to withstand a wider range of outcomes,” Invesco head of research \u200bBenjamin Jones said.<\/p>\n
The positive bond-equity correlation in recent years has also \u200beroded reliance on bonds for diversification, with more focusing on liquidity and real assets.<\/p>\n
Concerns about the dollar \u200cwere “widespread \u2060and deepening,” and 61% of central banks polled also said that U.S. debt levels negatively impact the dollar’s long-term position as a reserve asset, up from 20% in 2024.<\/p>\n
While the U.S.-Israeli war with Iran has helped lift the dollar 3% this year, analysts say U.S. policy uncertainty and high debt mean the currency could weaken over \u200bthe long term.<\/p>\n
The lack \u200bof a credible dollar \u2060alternative is likely to make any shift away from it incremental, but 29% of those in the Invesco survey said the dollar’s reserve-currency status will be weaker \u200bin five years, up from 12% in 2022.<\/p>\n
Several institutions also reported reviewing their \u200breliance on U.S.-based \u2060custodians, counterparties and clearing infrastructure due to geopolitical tensions, Invesco said.<\/p>\n
One European central bank said it had already replaced its U.S. custodian. A Latin American central bank said it was setting up new non-U.S. custodial relationships to prepare \u2060for \u200ba “worst-case scenario.”<\/p>\n
But one central bank respondent said any such move was \u200bfraught: “This act in and of itself could be interpreted as hostile by the U.S.”<\/p>\n
One-third of those polled meanwhile said they intended to boost \u200bgold holdings as part of the diversification trend.<\/p>\n
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