This year’s key themes
In 2025, sovereign investors are reassessing their portfolio frameworks as traditional models are being challenged, and adopting targeted approaches to emerging markets, with renewed interest in China. Additionally, these investors are exploring digital assets, deepening their commitment to active management, and building larger, more diversified reserves.

Theme 1
Recalibrating for a transformed investment landscape
Amid an unpredictable macro environment, sovereign investors are reassessing portfolio frameworks. Traditional models are being challenged, prompting strategic adaptations in asset allocation, risk management, and diversification.
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Theme 2
Renewing interest in China as a strategic priority
Sovereign wealth funds are adopting targeted approaches to emerging markets, with renewed interest in China. Confidence in China's innovation leadership is driving investment into critical technology, even as concerns persist around broader macroeconomic transition risks.
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Theme 3
Exploring digital assets amid structural potential
Direct allocations by sovereign wealth funds remain limited but are beginning to increase, with digital assets viewed as a source of long-term optionality. Central banks are advancing digital currency initiatives slowly, balancing innovation ambitions against potential risks to financial stability.
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Theme 4
Embracing active management amidst uncertainty
Sovereign wealth funds and central banks are deepening their commitment to active management as a strategic response to heightened geopolitical volatility and concerns about index concentration risk. Portfolio construction decisions are increasingly viewed as forms of active management.
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Theme 5
Adapting central bank strategies for uncertain times
Central banks are building larger, more diversified reserves to withstand volatility. Concerns around US fiscal dynamics are intensifying, but structural realities mean the dollar retains dominance, with gold's role as a strategic defensive asset strengthening.
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