Core Insights - Family offices are investing more cautiously following President Trump's tariff announcement in early April, as indicated by a recent survey from RBC Wealth Management and Campden Wealth [1] Group 1: Investment Preferences - In a poll of 141 investment firms representing ultra-wealthy families in North America, 52% of respondents believe cash and liquid assets will yield the best returns over the next 12 months [2] - Over 30% of respondents identified artificial intelligence as a promising investment area, contrasting with last year's preference for growth equities and defense industries, which were favored by just under a third of respondents [2] Group 2: Return Expectations - Family offices have reduced their expected portfolio return for 2025 to an average of 5%, down from 11% for 2024 [3] - 15% of respondents anticipate negative returns for 2025, a significant increase from nearly none the previous year [3] Group 3: Investment Priorities - The primary investment focus for 2025 is improving liquidity, chosen by nearly half of the family offices surveyed, while portfolio diversification was the top choice last year at 34% [3] Group 4: Survey Context - The survey was conducted from April through August, with market turmoil from tariffs and geopolitical tensions cited as key factors influencing the pessimistic outlook [4]