The survey covering 85 sovereign wealth funds and 57 central banks collectively managing about $21 trillion in assets showed that while inflation remains the most significant risk, many now intend to increase bond allocations, especially emerging-market and high-yield.
Gold is also favored as inflation hedge, with a significant proportion of central banks expecting to buy more of the precious metal over the next three years, the report said.
This points to support from sovereign investors after the bond market was hammered by rising expectations of a further tightening in monetary policy. Fixed income globally has eked out returns of just 0.4% so far this year compared with gains of around 13% for stocks.
Some investors reported buying as much fixed income as possible within existing asset allocation limits, and were considering revising their framework to accommodate the new interest-rate environment
Gold is also favored as inflation hedge, with a significant proportion of central banks expecting to buy more of the precious metal over the next three years, the report said.
This points to support from sovereign investors after the bond market was hammered by rising expectations of a further tightening in monetary policy. Fixed income globally has eked out returns of just 0.4% so far this year compared with gains of around 13% for stocks.
Some investors reported buying as much fixed income as possible within existing asset allocation limits, and were considering revising their framework to accommodate the new interest-rate environment
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