2025年全球主权资产管理研究报告

Invesco GlobalSovereign AssetManagement Study 03 Key metrics Contents Welcome 06 22 30 15 37 Theme 5 Theme 2 Theme 3 Theme 4 Theme 1 Recalibrating for a transformedinvestment landscape Digital assets: continued explorationamid structural potential Reserve resilience: adapting centralbank strategies for uncertain timesCentral banks are building larger,more diversified reserves to withstandvolatility. Concerns around US fiscaldynamics are intensifying, but structuralrealities mean the dollar retainsdominance, with gold’s role as a strategicdefensive asset strengthening. Beyond the benchmark: embracingactive management amidst uncertaintySovereign wealth funds and central China re-emerges as a strategic priority ina fragmented emerging market landscapeSovereign wealth funds are adopting Direct allocations by sovereign wealthfunds remain limited but are beginningto increase, with digital assets viewedas a source of long-term optionality.Central banks are advancingdigital currency initiatives slowly,balancing innovation ambitions againstpotential risks to financial stability. Amid an unpredictable macro environment,sovereign investors are reassessingportfolio frameworks. Traditional modelsare being challenged, prompting strategicadaptations in asset allocation,risk management, and diversification. banks are deepening their commitmentto active management as a strategicresponse to heightened geopoliticalvolatility and concerns about indexconcentration risk. Portfolio constructiondecisions are increasingly viewedas forms of active management. targeted approaches to emergingmarkets, with renewed interest in China.Confidence in China’s innovationleadership is driving investment intocritical technology, even as concernspersist around broader macroeconomictransition risks. Appendix This marketing communication is for professional investors in Continental Europe (as defined in the important information at the end); Malta, Cyprus, Dubai, Jersey, Guernsey, Isle of Man,Ireland, South Africa and the UK; for Qualified Clients/Sophisticated Investors in Israel; for a Middle East client, Exempt Investor, Accredited Investor or non-Natural Qualified Investor;for Institutional Investors in the United States; for AFPs and Qualified Investors in Chile; for Accredited and Institutional Investors in Mexico, for Sophisticated or Professional Investors in Australia;for Professional Investors in Hong Kong; for Institutional Investors and/or Accredited Investors in Singapore; for Qualified Institutional Investors and/or certain specific institutional investorsin Thailand, for certain specific institutional investors in Malaysia upon request; for certain specific institutional investors in Indonesia, for certain specific sovereign wealth funds and/or QualifiedDomestic Institutional Investors approved by local regulators only in the People’s Republic of China, for Wholesale Investors (as defined in the Financial Markets Conduct Act) in New Zealand,in Taiwan for certain specific Qualified Institutions and/or Sophisticated Investors; for certain specific institutional investors in Brunei; for Qualified Professional Investors in Korea, for qualifiedbuyers in the Philippines for informational purposes only; in Canada this document is for use by investors who are (i) Accredited Investors, (ii) Permitted Clients, as defined under NationalInstrument 45-106 and National Instrument 31-103, respectively, and for one-on-one use with Institutional Investors in Panama and Institutional investors in Peru. Welcome Welcome I am pleased to present the thirteenth edition of our annual Global Sovereign Asset ManagementStudy, a research initiative that has tracked the evolution of sovereign investing since 2013.For this 2025 study, we have conducted comprehensive interviews with 141 senior investmentprofessionals, including chief investment officers, heads of asset classes, and portfolio strategists,from 83 sovereign wealth funds (SWFs) and 58 central banks. These institutions collectivelymanage approximately US$27 trillion in assets. Key metricsTheme 1Theme 2Theme 3Theme 4Theme 5Appendix The second theme explores the evolvingapproach to emerging markets, with China’sre-emergence as a strategic prioritydespite ongoing macro uncertainties.SWFs are adopting increasingly selectivestrategies, drawn particularly to China’sleadership in critical technologieswhile remaining cautious about broadereconomic transition risks. Our final theme examines how centralbanks are strengthening reserveframeworks for greater resilience.Despite growing concerns about USfiscal dynamics, the dollar’s structuraladvantages ensure continued dominance,while gold has reasserted its roleas the ultimate portfolio hedge. The 2025 investment environmentpresents sovereign investors witha fundamentally altered landscape.What many had hoped were temporarypost-pandemic disruptions havecrystallised into enduring structuralfeatures. Geopolitical tensions,persistent i