The Takeaway
More than three in four (76%) asset owners globally view increasing trade disputes as material to their investments, with this trend consistent across all regions.
Four in ten asset owners report reducing - or planning to reduce - their allocations to US assets, citing factors like currency risk and policy uncertainty.
Asset owners put climate transition readiness (56%), energy management (48%), and physical climate risks (42%) at the top of their list of most material environmental factors.
In 2024, over one-half (53%) of asset owners surveyed said that ESG considerations go hand in hand with fulfilling their fiduciary duty. As of 2025, this number has increased to 61%.
Institutional investors manage trillions of dollars in assets globally. Because of their size, strategy and systemic impact, these asset owners don’t just participate in markets—they help shape them. Our fourth annual survey of over 500 asset owners globally reveals a community deeply committed to its fiduciary responsibilities, while navigating increasingly significant disruption and uncertainty in capital markets and a complex regulatory landscape.
This year’s findings highlight several emerging trends: a growing consideration of reallocating away from U.S. assets, a widening global divergence in approaches to environmental, social, and governance (ESG) investing—particularly between the U.S. and other regions—increased sophistication in climate strategies and rising support for standardized ESG frameworks and regulation.
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