关税战后，全球富豪押注哪些资产？

Core Insights - The report reveals the investment sentiment and strategies of family offices in the context of trade policy uncertainty, geopolitical tensions, and technological changes [1][2]. Group 1: Key Findings - Asset allocation among family offices remains stable, with half of the respondents maintaining fixed income holdings and two-thirds keeping real estate allocations unchanged. Private equity shows the most optimistic trend, with a net increase of 26% in allocations [5][6]. - Despite uncertainties surrounding tariffs, family offices express a positive outlook for portfolio returns over the next twelve months, with 30% expecting returns between 10%-15% and 8% anticipating returns exceeding 15% [8][9]. - Nearly two-thirds of family offices took action to enhance portfolio resilience following the U.S. tariff announcement, with 39% opting for active management [10][11]. Group 2: Investment Strategies and Sentiment - 70% of respondents are engaged in direct investments, with 40% increasing their activities in the past year, reflecting confidence in selecting profitable transactions [13][14]. - Trade tensions have become the primary concern for family offices this year, with 60% citing it as their top worry, while interest rates have dropped to fourth place [15][16]. - Family offices report effective management of investment risks, with 83% believing their investment risks are well managed, although confidence in managing cybersecurity and geopolitical risks is lacking [18][19]. Group 3: Asset Allocation and Market Outlook - Family offices' asset allocation for 2025 remains consistent with 2024, with public equities averaging 27%, fixed income at 15%, and alternative assets at 40% [30][31]. - The sentiment towards asset classes is predominantly neutral, with developed market equities showing the highest net positive sentiment at +17% [44][45]. - Regional sentiment varies, with the Americas showing net bullish sentiment for private equity direct investments at +21%, while the Asia-Pacific region shows a much lower sentiment at +1% [48][49].