美元信任动摇，增持黄金：美国资产巨头的避险新动作

Core Viewpoint - The Investment Management Corporation of Ontario (IMCO) suggests that due to pressure from Trump's policies, the Swiss Franc, Japanese Yen, and gold may become potential alternatives to the US dollar as a safe-haven asset [2][8]. Group 1: Dollar Performance and Investor Sentiment - Despite rising US Treasury yields following Trump's tariff announcement on April 2, 2022, the US dollar has continued to decline, indicating that investors may no longer view it as a safe-haven asset [2][8]. - IMCO's report highlights that the recent performance of the dollar suggests that the US may no longer be seen as a stable partner in the global economy [2][8]. - Trump's comments on the dollar's depreciation have led to significant single-day declines in the dollar's value, raising concerns about its long-term stability [2][8]. Group 2: Investment Strategies and Asset Allocation - Some European pension plans, such as AkademikerPension and Alecta, are reducing their holdings in US Treasury bonds due to concerns over credit risks associated with Trump's policies [3][9]. - IMCO manages approximately CAD 86 billion (about USD 63.5 billion) in assets and is considering diversifying into other currencies and strategic sectors like artificial intelligence and energy-related infrastructure [3][9]. - The report suggests that as countries focus on building domestic production capabilities and ensuring supply chain security, there may be investment opportunities in commodities, materials, energy, and other natural resources [4][9]. Group 3: Geographic Exposure and Risk Management - IMCO's latest investor report recommends shifting geographic exposure away from the US to manage risks associated with unfavorable currency fluctuations between the Canadian dollar and the US dollar [4][9]. - The Canadian government's response to trade pressures from the US, including a focus on large infrastructure projects, may broaden investment opportunities within Canada [4][10]. - IMCO's Chief Strategist, Nick Chamie, emphasizes the need for investors to consider the implications of global economic rebalancing on their portfolios, advocating for a reallocation of exposure to capitalize on emerging opportunities outside the US [10].