Investors of all stripes were thrown this year a few curve balls when President Donald Trump’s trade war fell in early April at the beginning of April and was directed by “Sell America”, as some feared that the USA would be lost than that would be losing The outstanding market in the world. The following weeks, however, have a back rash on the stock markets, since the implementation of the steepest tariffs was delayed. Due to the ups and downs, many of the richest investors around the world follow a waiting and lakes with their investment strategy.
This is after the newly published UBS 2025 Global Family Office Report from the Global Family Office, which reflects the views of 317 family offices Asset management company of the super-rich average $ 1.1 billion.
The family offices that participated in the survey pointed out to a global trade war as the risk that they are most concerned with in the next 12 months, while he named the geopolitical conflict as their top concern of the next five years.
UBS survey was mainly carried out in the first quarter of the year before the President’s collective bargaining policy was announced in early April. Nevertheless, the company was able to carry out more interviews after the turbulence of the market and found that most wealthy investors were planning to adhere to their plans and to wait for the resulting economic uncertainty, even if the tank and recession warnings are increasing.
One and a half months after the president’s announcement, the US shares recovered from their initial strong declines, even positive for the year and shows the wisdom of a buy-and-hold approach.
In 2025, some of the largest investment changes from previous years include family offices that further reduce their cash participations and invest even more in the USA, especially in the United States. Private debts were another area in which investments increased, while private equity investments actually decreased.
Despite the uncertainty in connection with the economic policy of the Trump administration, family offices all over the world “keep a very strong tendency for the USA,” says Daniel Scansaroli, managing director and head of the portfolio strategy at UBS. American innovations such as generative AI and pharmaceutical progress keep companies bullish.
“I think it is too early to believe that the exceptional body has come to an end in the USA, but there are many uncertainties, and that’s why we adhere to our long-term strategic asset allocation, while we make tactical changes,” the report cited a nameless Chilean family office executive.
Alternative asset allocation
The distribution of the allocation of assets between traditional and alternative investments for family offices is divided into 56% for the former and 44% for the latter. However, American family offices have far more appetite than international companies for alternatives, although the allocations are essentially reversed.
While the investments in private equity have increased steadily in 2024 in 2024, the total average assignment actually took over to 21% compared to the height of 2023 of 22%. UBS assumes that this will continue this year: Family offices, the project to change their strategy this year, plan to reduce their private equity assignment to 18%.
Scansaroli credits that have been due to the almost resting mergers and acquisitions and IPO environments in recent years. Families do not have the money from outputs to “recycle in the next private equity deals”. Nevertheless, 44% of families stated that the PE investments in the next five years.
While Gold represents only 2% Scansaroli also expects the average distribution of assets that this will increase this year.
This story was originally on Fortune.com