面对通膨冲击、地缘政治分裂以及市场集中度上升等挑战，投资者正在重新审视传统的多元化配置假设，并重新设计投资组合以抵御更广泛的潜在经济后果。主权财富基金的股票配置比例已从去年的32%降至2026年的30%，而基础设施等非流动性替代资产则持续成长，占总资产的24%。
黄金亦成为央行的关注焦点，超过三分之一的央行预计在未来三年内增加黄金配置，将其视为避险工具和抗通膨资产。此外，私募信贷和基础设施资产也被视为捕捉人工智慧（AI）浪潮的极佳管道，许多主权基金正计划扩大此类非流动性资产的规模。（关键数字： three years）
The world’s largest public investors, including sovereign wealth funds and central banks, plan to shift more capital into private and less liquid assets due to rising risks in traditional stock-and-bond portfolios. Roughly a third of sovereign wealth funds surveyed plan to boost allocations to private credit, private equity, and infrastructure assets over 2026, while nearly a fifth want to curb their exposure to equities.
Faced with challenges such as inflation shocks, geopolitical fragmentation, and increased market concentration, investors are rethinking traditional assumptions about diversification and redesigning portfolios to withstand a wider range of outcomes. Equity allocations by sovereign wealth funds fell to 30% in 2026 from 32% a year earlier, while illiquid alternatives continued to grow, reaching 24% of total assets.
Gold has also come into focus, with over a third of central banks expecting to increase their allocations to the precious metal over the next three years, citing its role as a safe haven and an inflation hedge. Additionally, private credit and infrastructure opportunities are viewed by some sovereign funds as the best way to capture the wave of artificial intelligence development.