71% of central banks and 54% of sovereign wealth funds say resilience is becoming as important as returns in portfolio construction Infrastructure is the fastest-growing alternative asset class for sovereign wealth funds over the past five years ETF adoption has reached significant levels among sovereign investors, with 39% utilizing ETFs. However, central banks and sovereign wealth funds use the same ETFs for fundamentally different purposes Sovereign wealth funds view AI as a structural shift, while 52% identify rising market concentration as the top portfolio risk in AI-related investments 14th Invesco Global Sovereign Asset Management Study London, June 29, 2026 – According to the 14th Invesco Global Sovereign Asset Management Study, sovereign investors managing approximately $29 trillion (¥4,613 trillion)* are undertaking a comprehensive reassessment of portfolio construction. The findings highlight fundamental shifts in how central banks and sovereign wealth funds are balancing resilience, returns, and diversification amid an increasingly complex investment landscape. The survey, which included 144 institutions comprising 90 sovereign wealth funds and 54 central banks, reveals that the current geopolitical environment is reshaping sovereign investors’ mindsets and prompting rapid reevaluation of investment strategies. Escalating U.S.-European tensions over Greenland, the prolonged war in Ukraine, and emerging instability in the Middle East have created complex risks directly impacting energy security, trade routes, and supply chains. These factors are driving a fundamental rethink of portfolio construction with greater emphasis on resilience and diversification. Resilience Moves to the Core of Portfolio Design Resilience is shifting from being a secondary benefit of diversification to a primary objective in portfolio construction. 71% of central banks and 54% of sovereign wealth funds say resilience has become equally important as returns in portfolio design.