Investing for change: client strategies and concerns

This new report discusses the results of our extensive annual client survey, focused this year on the challenges and appropriate strategies for investing in a changing world.

The survey asked clients about their optimism or pessimism on key global issues, the major drivers of structural change in the investment situation and possible portfolio responses. Survey results are complemented by input from a separate short monthly poll.

Conclusion: Ten points

1. Client survey respondents are (on balance) optimistic about the development and implications of artificial intelligence over the next five years.
2. They are pessimistic about geopolitical stability, trade and resource competition and social cohesion. There is a more balanced view on environmental trends.
3. Younger client survey respondents are more optimistic than older respondents on AI and technology – but more pessimistic on geopolitical, social cohesion and environmental issues.
4. Currently prominent issues such as AI, government debt, changing trading patterns and regional military conflict all rank highly in our client survey respondents’ top drivers of change over the next five years.
5. There are strong levels of agreement in our client survey that AI will impact most levels of business and investment, that it is too big an issue to be left to private social control and that corporate governance must change radically to meet new global challenges.
6. On balance, there is agreement in our client survey that investing in oil and gas is a necessary part of the economic transition. On balance, respondents do not agree that reducing global carbon emissions will be a top business priority.
7. In terms of current portfolio aims, long-term wealth preservation is cited by the largest number of client survey respondents, followed by consistent long-term returns. Only a small minority of respondents report non-financial goals.
8. Nearly half of client survey respondents plan to adapt a more tactical investment approach as opportunities present themselves. Slightly smaller shares will revise their strategic asset allocation and risk management approaches.
9. More client survey respondents expect to increase their level of ESG investments than expect to reduce them.
10.   Respondents to our dbInsights survey questions have consistently identified AI as the top investment theme for 2026, although their views on key risks vary by region.