Building portfolios in the new macro environment
Theme 1


Inflation risk
Inflation is expected to fall, but remain elevated relative to previous decade; sticky inflation seen as most serious risk to economic growth in the near-term.
Resurgent fixed income
Funds are looking to reshape their portfolios to reflect the new macro environment. This includes a transition back to fixed income, with sovereign wealth funds making use of all fixed income asset classes and looking to increase investments in private debt.


Emerging markets
Emerging markets offer a range of attractive investment opportunities and are expected to benefit from higher rates; investors are focused on economies that offer favourable demographics, political stability, and positive regulatory initiatives with India a priority.
2023 Invesco Global Sovereign Asset Management Study
Uncover the themes shaping the future of official institutions.