Invesco Global Sovereign Asset Management Study

Uncover the themes shaping the future of official institutions.

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This year’s key themes

In 2026, sovereign investors are reassessing portfolio construction as traditional models are challenged, moving towards more selective allocation, greater use of private markets, deeper commitment to active management, and stronger governance and resilience frameworks.

theme 1

Theme 1
Resilience moves to the centre of portfolio design

Resilience has become an explicit portfolio design objective, with institutions rethinking diversification, embedding scenario testing into governance, and extending their attention to where assets are held and on what terms.

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theme 2

Theme 2
Long-term investing in a more demanding world

Long-term investing is becoming more valuable but harder to maintain in practice, with governance and liquidity discipline increasingly separating institutions that can stay the course from those that cannot.

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theme 3

Theme 3
A tool for all seasons: the expanding role of ETFs

ETF adoption among sovereign investors is building steadily, with central banks using them as an efficient route into new asset classes and sovereign wealth funds using them for tactical flexibility and thematic exposure.

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theme 4

Theme 4
AI: investment opportunity and investment tool

Sovereign investors broadly view AI as a structural shift, with infrastructure and productivity the preferred investment routes and internal deployment expanding within controlled boundaries.

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theme 5

Theme 5
Central banks: the search for diversification

Persistent inflation, dollar concerns, and geopolitical risk are driving central banks to expand into new asset classes and increase gold allocations, with the diversification agenda now extending to custodial and counterparty infrastructure.

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Dive deeper into this year's study

Uncover the themes shaping the future of official institutions.

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