Invesco's survey found central banks and sovereign wealth funds are prioritizing resilient portfolios, with more concern over U.S. debt, greater interest in gold and scrutiny of U.S.-based financial infrastructure.
Sovereign wealth funds and central banks managing $29 trillion are reassessing portfolios around resilience, with stronger demand for energy assets, rising concern about the dollar's long-term reserve role and a broader push to diversify. An Invesco survey of 90 sovereign wealth funds and 54 central banks found 80% viewed energy security and energy-transition infrastructure as the most credible investments for making portfolios more resilient, while infrastructure had reached 9% of sovereign wealth fund assets in 2026. The report said trade tariffs, closed shipping channels and wars in Ukraine and the Middle East were driving investors toward assets that can better withstand geopolitical shocks, while the buildout of energy-intensive AI infrastructure added to the appeal. Concerns over the dollar were widespread, with 61% of central banks surveyed saying U.S. debt levels hurt the dollar's long-term standing as a reserve asset, up from 20% in 2024, and 29% expecting the dollar's reserve-currency status to be weaker in five years, up from 12% in 2022. One-third of respondents said they planned to increase gold holdings, and some institutions were reviewing their reliance on U.S.-based custodians, counterparties and clearing infrastructure.