In 2026, sovereign investors find themselves in the middle of a broad-based reassessment. This year’s study, the 14th in the series, revisits assumptions that shaped portfolio construction over the past decade — what diversification actually delivers, where returns will come from, how much can be relied on from passive market exposure, and whether the financial infrastructure that sovereign investors rely on can be taken for granted in the way it once was.
This year, we surveyed 144 senior investment professionals from 90 sovereign funds and 54 central banks, who collectively manage approximately US$29 trillion in assets. The study provides unique insights into the investment objectives and behaviours of sovereign investors and central ban.
Five key themes emerged:
- Resilience moves to the centre of portfolio design.
- Long-term sovereign investments face a less supportive world.
- ETF adoptions among sovereign investors and central banks are expanding.
- AI sits at the centre of both tension and opportunity for sovereign investors.
- Central banks are seeking diversification as the management playbook changes.
Inform your thinking
Together, the five themes reflect the scale of the change under way, with implications for portfolio construction, governance, technology, and the institutional foundations on which long-term investing depends. Read our full study today and discover our findings.
