全球家族办公室 Global Family Office Survey Insights 2023

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GlobalFamilyOfficeSurveyInsights2023

INVESTMENTPRODUCTS:NOTFDICINSURED•NOTCDICINSURED•NOTGOVERNMENTINSURED•NOBANKGUARANTEE•MAYLOSEVALUE

2

Tableofcontents

FOREWORD

EXECUTIVESUMMARY

INVESTMENTSTRATEGYAND

SENTIMENT

Assetallocationchanges

Near-termworriesimpactingthefinancial

marketsandtheeconomy

Estimatedyear-to-datemark-to-

marketportfoliovaluechange

Assetclasssentiment

SectorpreferenceforpublicmarketsExpectedportfolioreturn

PORTFOLIOCONSTRUCTIONANDMANAGEMENT

Assetallocationbyclass

Assetallocationbygeography

Concentratedpositionsheld

Amountofleverageemployed

Shareofportfolioassetsmanagedin-housevsexternally

5

6

8

10

12

14

16

20

22

24

26

29

30

32

33

PRIVATEEQUITY

PrivateequityfundallocationbytypeEngagementwithdirectinvestmentsDirectinvestingstrategyadjustmentsSourcesofdirectinvestingdealflowDirectinvestingticketsizepreferenceDirectinvestingstagepreference

Directinvestingmajorityvsminoritystakepreference

Directinvestingsectorpreference

FAMILYOFFICEMANAGEMENT

ANDFAMILYGOVERNANCE

Familyofficeprimaryfocus

Families’primaryconcerns

FamilyofficeservicesprovidedProfessionalizationofthe

investmentfunction

Professionalizationofthefamilyofficebeyondinvesting

Professionalizationoffamilies

InternationalizationoffamiliesFamilyofficeprimarychallengesFamilyofficecostmanagementFamilyofficecybersecurity

management

34

36

38

39

41

43

45

47

48

50

52

54

56

58

59

62

64

66

68

70

SUSTAINABLEINVESTINGAND

PHILANTHROPICIMPACT

Capitalallocationtosustainableinvesting

Driversofincreasingallocationstosustainableinvesting

Preferredinvestmentsfor

sustainableinvesting

Preferredthemeswithin

sustainableinvesting

Philanthropicfocus

Driversofgreaterphilanthropicimpact

72

74

76

78

80

82

84

CIO(CHIEFINVESTMENTOFFICE)VIEWS

SURVEYPARTICULARS

Respondentsbyregion

Respondentssplitbyassetsundermanagement

Generationsincontrolofthewealth

Employees

ACKNOWLEDGEMENTS

86

91

92

93

94

95

96

Thisyear’ssurveywasinitiatedduringCitiPrivateBank’seighthannualFamilyOfficeLeadershipProgramheldinJune2023.ThesurveywassubsequentlyreleasedtoCitiPrivateBank’sglobalfamilyofficeclientsforinput.Thesurveyincludedover40questionsaimedatgauginginvestmentsentimentand

portfolioactionsofclientsinthewakeofongoinggeopoliticaltensions,macroeconomicheadwindsandmarketvolatilityinearly2023.Itdrewresponsesfrom268participantswhowereincludedinthisreport.

Thisreportisforinformationalpurposesonlybasedonthoseresponsesfromthesurveyandarenotintendedtorepresentinvestmentadvice.TheviewsexpressedhereinarethoseoftheparticipantsanddonotnecessarilyreflecttheviewsofCitigroupInc.,CitigroupGlobalMarketsInc.,anditsaffiliates.Thispresentationdoesnotconstituteanysolicitationforthepurchaseorsaleofanysecurity.Pastperformanceisnoguaranteeoffutureresults.

Investmentsinfinancialinstrumentsorotherproductscarrysignificantrisk,includingthepossiblelossoftheprincipalamountinvested.Financial

instrumentsorotherproductsdenominatedinaforeigncurrencyaresubjecttoexchangeratefluctuations,whichmayhaveanadverseeffectonthepriceorvalueofaninvestmentinsuchproducts.ThisCommunicationdoesnotpurporttoidentifyanyrisksormaterialconsiderationswhichmaybeassociatedwithenteringintoanytransaction.

GlobalFamilyOfficeSurveyInsights2023

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4

4

GlobalFamilyOfficeSurveyInsights2023

Foreword

AverywarmwelcometoGlobalFamily

OfficeSurveyInsights2023.

Foreachofthelastthreeyears,wehavepublishedthisdetailedcollectionofperspectivesintothethinking

andactionsofsomeoftheworld’smostsophisticatedinvestors:ourfamilyofficeclients.Sincelastyear,

annualrespondentnumbershavedoubledto268.Representing$565billionintotalnetworth,this

year’srespondentshailfromallfourofourglobalregions,withtwo-thirdscomingfromoutsideNorthAmerica.Wethereforebelievethistobeoneofthemostglobalandcomprehensivereportsofitskind.

Contrarytowidespreadexpectationsatthestartof

theyear,publicequitymarketsextendedtheirgainsfromOctober2022’slows.Againstthisbackdrop,wefindthatallocationsinthefirsthalfof2023shifted

towardfixedincomeandprivateequitybutawayfrompublicequity.What’smore,nearlyallrespondents

expectedportfolioappreciationoverthecomingyear.

Amongtheirleadinginvestmentconcernswere

interestrates,inflation,theRussia-Ukrainewarand

US-Chinarelations.Theappetitefordirectinvestmentremainedstrong,albeitwithsomeseeingshort-termopportunitiesandotherspausingactivityowingto

economicuncertainty.Perenniallycriticalissuessuchasstrikingabalancebetweenwealthmanagement

functionsandfamilyoffices’equallyimportantroleinfacilitatingfamilyunityandcontinuitywerealsocited.

Alongsidetheseperspectives,wepresentsomeof

thekeytakeawaysfromourFamilyOfficeLeadershipProgram.Thisannualgathering–whichtookplace

overtwo-and-a-halfdaysinJune2023inOssining,NewYork–consistedofdiscussionsledbysomeofthegreatestmindsintheirrespectivefields.Halfofthe140familyofficeexecutivesinattendancecamefromoutsideNorthAmerica,withatotaloftwenty-

fourcountriesrepresented.Amongthetopicsexploredwereopportunitiesindislocatedmarkets,thepotentialofartificialintelligenceandleadershipsuccession.

Basedonself-reporteddatafromasampleof

familyofficeclientsacrossalltheirproviders,this

annualpublicationmayproveespeciallyuseful

whenreadalongsideourFamilyOfficeInvestment

Report.Thelatterisdrawnquarterlyfromallfamily

clients’portfoliosheldatCitiPrivateBank.

IfyouwouldliketodiscussanyaspectofGlobalFamilyOfficeSurveyInsights,ourspecialistsaroundtheworldarereadytoengagewithyou.Finally,wewouldliketoexpressourgratitudetoallthosewhogavetheirtimeandinsightswhencompletingthesurvey.Wehope

everyonefindstheresultsasilluminatingaswehave.

Thankyouforthetrustandconfidence

youplaceinCitiPrivateBank.

HannesHofmann

GlobalHead

GlobalFamilyOfficeGroup

AlexandreMonnier

GlobalFamilyOfficeAdvisory

GlobalFamilyOfficeGroup

GlobalFamilyOfficeSurveyInsights2023

5

6

Executive

summary

Increasedallocationstofixedincome

andprivateequityamidbroadportfolio

reassessment

Againstabackdropofrisingfinancialmarkets,

unrealizedrecessionfearsandmulti-yearhighbond

yields,manyfamilyofficesreassessedtheirasset

allocationmorethaninrecentyears.Overhalf

reportedincreasingfixedincomeallocations,38%

uppedprivateequityallocations,while38%cutpublic

equityallocations.

Topconcernsaboundandtranscend

financialissues

Thetopfamilyconcernswerepreservingasset

values(68%),preparingthenextgenerationtobe

responsiblewealthowners(60%)andensuringsharedgoalsandvisionforthefamily(52%).Familyoffices

wereparticularlyconcernedaboutinflation(56%),

interestrateincreases(51%)andUS-Chinarelations

(48%)impactingfinancialmarketsandtheeconomy.

Risingportfoliovaluesinthefirsthalf

of2023,widespreadoptimismforthe

yearahead

Amidrisingassetpricesinthefirsthalfof2023,two-

thirdsofrespondentssawmark-to-marketportfolio

increases.Remarkably,nearlyallrespondentswere

expectingpositiveportfolioreturnsoverthenext

twelvemonths.

Continuedfocusondirectinvestments,

butsomecautiontoo

Directinvestmentsremainstronglyinfocus,with80%offamilyofficesengaged.Butwhile66%saidthey

wereseekingopportunisticdealsbasedonattractive

valuations,some38%hadpausednewdirect

investmentsduetoeconomicuncertainty.

6

GlobalFamilyOfficeSurveyInsights2023

Morefamilyofficefocusonwealthandinvestmentmanagement,lessonfamilyunityandcontinuity,despitegrowing

concernsfromfamilies

Familyoffices’primaryfocushasbeenonwealth

management(74%)andinvestmentmanagement

(55%).Thiscomesattheexpenseoffosteringfamilyunityandcontinuity(21%).Butoverhalfoffamilies’

topconcernsispreparingthenextgenerationto

beresponsiblewealthownersandensuringshared

goalsandvisionforthefamily,upfrom2022.This

insufficientalignmentisworryingasfamilies’main

apprehensionsreflectthedualneedtopreparewealthfortheirfamilyandtheirfamilyforwealth.

Theinvestmentfunctionis

professionalizingfastestwithin

familyoffices

Themostprogressinprofessionalizationisin

theinvestmentfunctionwithinitiativeslikethe

implementationofInvestmentCommittees(64%)andIPS(51%).Familyofficeactivitiesbeyondinvestingaretakinglongertoprofessionalize,includinggoverningboards(48%)andleadershipsuccessionplans(31%).Familiesthemselvesaretakingmoretimestillto

embraceamoreformalizedapproach,suchashavingafamilyconstitution(32%),afamilyleadership

successionplan(28%)andanextgenerationeducationprogram(21%).Thelattertwoaremostconcerning.

Largebutnarrowinggapbetween

intentionandactiononsustainable

investments*

Whilethegapbetweenintentionandactionon

sustainableinvestmentsremainslarge,itisstarting

tonarrow,drivenbygrowingsustainabilityconcerns

andabroadeningrangeofthemesandinstrumentsforinvestment.Familiesindicatethataccesstosustainableinvestmentopportunitieswithcompetitivefinancial

performancemayfurthernarrowthisgap(51%).

Philanthropicfocushasyettoadjusttotherisinggeneration’spriorities

Whilethephilanthropicfocushasyettoadapttoreflect

theprioritiesoftherisinggeneration,familiesare

increasinglyawarethatagenerationalphilanthropictransitioniscoming.Theyareseekingsupportto

engagethenextgenerationandplanphilanthropic

leadershipsuccession(38%)andtointegrate

philanthropyaspartofthegreaterwealthplanning

strategy(34%).

Changingfamiliesandashiftingoperating

landscaperepresentchallengesbutalso

opportunitiesforfamilyoffices

Externalforcessuchastechnologicaldisruption,

globalizationanddeglobalization,andsocio-political-

economicshiftscreatebusinessandinvesting

challengesbutalsoopportunities.Sotooareinternal

forces,includinggenerationaltransitions,evolving

values,greaterdiversityandmoregeographical

dispersion.Adaptingtochangingconditionswasthus

thetopchallengefor52%ofrespondents,followed

bymeetingtheneedsandexpectationsoffamily

members(50%).

*Pleaserefertothe

SustainableInvestingandPhilanthropicImpact

sectionforimportantinformation.

GlobalFamilyOfficeSurveyInsights2023

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8

Investment

strategyand

sentiment

8

GlobalFamilyOfficeSurveyInsights2023

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GlobalFamilyOfficeSurveyInsights2023

OVERVIEW

Increaseinhigh-qualityfixedincomeand

alternativesallocations

Topconcernswereinflation,interestrate

risesandUS-Chinarelations

Portfoliovalueshavereboundedin2023

after2022’sdeclines

Nearlyallrespondentsexpectedportfolio

upsideinthecomingyear

Amidrisingfinancialmarketsandunrealizedfearsofrecessionin2023,manyfamilyofficeshaveshiftedtheirassetallocationmorethaninrecentyears,

takingbothdefensiveandmorerisk-seekingpositions.

Notably,overhalfreportedincreasestofixedincomeallocations,with38%

allocatingmoretoprivateequity,while38%retreatedfrompublicequity.Thisrepresentsanadjustmentfromthecommonpatternoffamilyofficestaking

along-termview,deployingpatientcapitalandmakingmarginalshort-termadjustments.

Inflation(56%),interestrateincreases(51%)andUS-Chinarelations(48%)arefamilyoffices’topthreeconcernsinrelationtofinancialmarketsandtheeconomy.Buttheseprioritiesvarybyregion,withrateincreasesthemain

concerninNorthAmerica(64%),theRussia-UkraineWarinEuropeandtheMiddleEast(52%),US-ChinarelationsinAsiaPacific(64%)andinflationinLatinAmerica(63%).

Withwidespreadpredictionsofrecessionsofarunrealized,mark-to-market

portfoliovalueshavereboundedfollowinglastyear’slosses.Two-thirdsoffamilyofficesreportedyear-to-dateportfolioincreases.

Remarkably,nearlyallrespondentswereexpectingpositiveportfolioreturnsoverthenexttwelvemonths.

9

GlobalFamilyOfficeSurveyInsights2023

ASSETALLOCATIONCHANGESINTHELASTYEAR

GLOBALVIEW

Wehaveseennotableshiftsinassetallocationsinthelastyear.Withyieldshavingrisensharply,abouthalfof

respondents(51%)increasedfixedincomeallocations.Thismarkedastrikingaccelerationoverthelasttwo

years,whenonlyabout20%didso.Cashallocationssawthemostdivergenttrendsofanyassetclass,with47%raisingtheirallocationand24%decreasingit.Privateequityallocationsincreasedamong38%ofrespondents,asignificantslowdownfromthelasttwoyears(63%and52%).Realestateallocationsweresteadiest,with56%ofrespondentsmaintainingweightings,while29%increasedthem.Publicequitysawthebiggestretreat,with38%ofrespondentsdecreasingallocations,whereasjust19%and28%didsoin2021and2022respectively.

FixedincomeCash

Privateequity RealestatePublicequity

51%

10%

39%

29%

24%

47%

51%

11%

38%

56%

15%

29%

42%

38%

20%

INCREASEDNOCHANGEDECREASED

AUMVIEW

Smallerfamilyofficeswereevenlikelierthanlargerentitiestoincreasetheirfixedincomeallocations(52%vs50%)butalsotoreducethem(14%vs6%).Theywerealsomoredisposedtoreducingpublicequityallocations(43%vs34%)andlesssotoincreasethem(15%vs26%.)

AUM<$500MILLIONAUM>$500MILLION

FixedincomeCash

Privateequity RealestatePublicequity

34%

14%

52%

28%

24%

48%

35%

9%

56%

55%

13%

32%

15%

43%

42%

44%

6%

50%

25%

29%

41%

13%

46%

27%57%16%

34%

40%

INCREASEDNOCHANGEDECREASEDINCREASEDNOCHANGEDECREASED

10

Fixedincome

43%

41%

16%

Publicequity

Fixedincome

60%

31%

9%

Publicequity

8%

46%

46%

7%

42%

51%

36%

REGIONALVIEW

TheincreasetofixedincomeallocationswasthemostsignificantshiftreportedinbothEurope,theMiddleEastandAfrica(67%)andLatinAmerica(60%).IncreasedcashwasthebiggestshiftreportedinNorthAmerica(51%)andAsiaPacific(54%).Conversely,theprincipaldecreasereportedwasinpublicequityallocationsforNorthAmerica(36%),LatinAmerica(44%)andAsiaPacific(40%),butincashforEurope,theMiddleEastandAfrica(37%).

APAC

INCREASEDNOCHANGEDECREASED

Cash54%23%23%

Privateequity26%50%24%

52%

26%

22%

40%

26%

34%

Realestate

LATAM

INCREASEDNOCHANGEDECREASED

Cash34%29%37%

Privateequity40%54%6%

29%

6%

63%

50%

8%

44%

Realestate

EMEA

INCREASED

NOCHANGE

DECREASED

67%

27%

6%

40%

23%

37%

48%

48%

4%

29%

48%

23%

23%

42%

35%

NAM

INCREASEDNOCHANGEDECREASED

51%

15%

34%

31%

17%

59%

47%

10%

GlobalFamilyOfficeSurveyInsights2023

11

NEAR-TERMWORRIESIMPACTINGFINANCIALMARKETSANDTHEECONOMY

GLOBALVIEW

Theinterrelatedforcesofinflationandinterestrateincreaseswereuppermostamongfamilyofficeexecutives’near-termconcerns(56%and51%).US-Chinarelationsandstabilityoftheglobalfinancialsystemwerenotfarbehindat48%and38%.

Inflation

InterestrateincreasesUS–Chinarelations

Stabilityoftheglobalfinancialsystem MarketvolatilityRussia-Ukrainewar

Currencyrisk

51%48%38%

34%

24%

7%

56%

AUMVIEW

Largerandsmallerfamilyofficesworriedtoasimilarextentoverkeyissuesfacingtheglobaleconomyandmarkets.Thatsaid,smallerentitiesweremoreconcernedwhenitcametofinancialsystemstability(44%vs34%).

Inflation

Interestrateincreases

US–Chinarelations

Stabilityoftheglobalfinancialsystem MarketvolatilityRussia-Ukrainewar

Currencyrisk

53%

50%

52%50%45%

34%44%

34%

34%

24%

23%

4%

10%

58%

AUM‹$500MMAUM›$500MM

12

REGIONALVIEW

Levelsofconcernvariedbyregion,withinterestrateincreasesasthetopissueinNorthAmerica(64%),theRussia-UkraineWarinEurope,theMiddleEastandAfrica(52%),US-Chinarelations(64%)inAsiaPacificandinflationinLatinAmerica(63%).

GLOBALAPACEMEALATAMNAM

Inflation

56%

50%

45%

63%

60%

Interestrateincreases

51%

42%

39%

43%

64%

US–Chinarelations

48%

64%

32%

54%

43%

Stabilityoftheglobalfinancialsystem

38%

48%

35%

37%

34%

Marketvolatility

34%

34%

32%

23%

39%

Russia-Ukrainewar

24%

26%

52%

20%

14%

Currencyrisk

7%

8%

13%

14%

1%

GlobalFamilyOfficeSurveyInsights2023

13

ESTIMATEDYEAR-TO-DATEMARK-TO-MARKETPORTFOLIOVALUECHANGE(%)*

GLOBALVIEW

Withthewidelyforecastedrecessionsofarhavingnotmaterialized,reportedmark-to-marketportfoliovaluessawareboundYTDfollowinglastyear’slosses.

Morethantwo-thirdsofrespondentsreportedanincreaseinmark-to-markettotalportfoliovaluechangesbetweenJanuaryandJune2023,mostlygainsofbetween0%and10%.Despitethestrengthoffinancialmarketsduring

theperiod,morethanaquarterofrespondentssaidtheyhadseendeclines.Some12%reporteddecreasesofmorethan10%.

Increasedbymorethan20%Increased10-20%

Increased0-10%

NochangeDecreasedbylessthan10%Decreased10-20%

Decreasedbymorethan20%

4%

7%

7%

9%

3%

14%

56%

AUMVIEW

Largerandsmallerfamilyofficesonaveragereportedsimilarestimatesofchangesinyear-to-datemark-to-marketvalues.

Increasedbymorethan20%

Increased10-20%

Increased0-10%

NochangeDecreasedbylessthan10%Decreased10-20%

Decreasedbymorethan20%

6%

3%

6%

8%

52%

5%

9%

16%

13%

6%

11%

2%

4%

AUM‹$500MMAUM›$500MM

59%

14

REGIONALVIEW

AsiaPacificwastheregionwheremostrespondents(36%)reportedportfoliodeclines,withLatinAmerica

seeingtheleastsuchrespondents(18%).LatinAmericaandEurope,theMiddleEastandAfricahadthemostrespondentsreportinggains(73%and72%respectively).

GLOBALAPACEMEALATAMNAM

Increasedbymorethan20%

4%

O%

6%

2%

7%

Increased10-20%7%4%3%11%9%

Increased0-10%

56%

52%

63%

60%

54%

Nochange

7%

8%

3%

9%

7%

Decreasedbylessthan10%

14%

16%

16%

9%

14%

Decreased10-20%

9%

14%

6%

9%

6%

Decreasedbymorethan20%

3%

6%

3%

0%

3%

*SurveyresponseswerecollectedfromCitiPrivateBankFamilyOfficeclientsfromJune7ththroughAugust9th2023.

GlobalFamilyOfficeSurveyInsights2023

15

ASSETCLASSSENTIMENTFORTHECOMINGYEAR

GLOBALVIEW

Tocontinueadaptingtoshiftingmarketconditions,familyofficesareplanningtorepositiontheirportfoliosfurtherinthenextsixtotwelvemonths.

Familyofficesarebullishonglobaldevelopedinvestmentgradefixedincome(45%),privatecredit(44%),investmentsinprivateequitydirectly(38%)orthroughfunds(32%).

Withinflationstartingtosubside,andadesiretokeepsomedrypowderforinvestmentopportunities,thereisgreaterconsensusontheattractivenessofcash,with34%offamilyofficesbullishandonly7%bearish.

AgainstthebackdropofapotentialpeakintheUSdollar,whichwouldfavormanynon-USmarkets,viewsonglobaldevelopedandemergingequitiesarepolarized.Some24%werebullishwhileabout22%werebearish.

Respondentsexpressedmorenegativethanpositiveviewsonglobaldevelopedcorporatehighyieldfixedincome,emergingmarketfixedincomeandhedgefunds,althoughthedegreeofnegativesentimenthasfallensincelastyear’ssurvey.Sentimenttowardrealestateremainsmixedamidconcernsoverinterestrateincreases,upcomingrefinancingandvacancyrates.

Whilefamilyofficesincreasinglynotedchallengesarounddirectinvestments,thishasnotresultedinashiftoutofsuchholdingsortowardsprivateequityfunds.Abouthalfofrespondentsplannedtomaintaintheirallocationstoprivateequityfunds(48%)anddirect(47%).Andtheyareslightlymorebullishondirect(38%)thanon

funds(32%).

Netsentiment–thepercentageofthoseplanningtoaddtotheirallocationsminusthoseplanningdecreases–

wasmostpositiveforglobaldevelopedinvestmentgradefixedincome(+34%),privatecredit(+30%),cash(+

27%)anddirectprivateequity(+23%).Itwasmostnegativeforcryptoassets(-41%),realestate(-7%)andglobaldevelopedinvestmenthighyieldincome(-6%).

Globaldevelopedinvestmentgradefixedincome

PrivatecreditPrivateequitydirect

Cash

Privateequityfunds/fundsoffunds

Realestate

Globaldevelopedequities

Emergingmarketequities

Hedgefunds

Globaldevelopedcorporatehighyieldfixedincome

CommoditiesEmergingmarketfixedincome

Art

Cryptoassets

45%

11%

44%

44%

14%

42%

38%47%15%

59%

7%

34%

32%48%20%

43%

32%

25%

54%

22%

24%

24%55%21%

21%54%25%

21%52%27%

20%64%16%

55%

25%

20%

19%67%14%

8%

49%

43%

BULLISHNEUTRALBEARISH

16

YEAR-OVER-YEARCHANGEINSENTIMENT

Themostsignificantsentimentchangessince2022’ssurveyinclude:

MOREBULLISH

Globaldevelopedinvestmentgradefixedincome19%to45%

Globaldevelopedcorporatehighyieldfixedincome8%to21%

Emergingmarketfixedincome8%to20%

Hedgefunds13%to21%

Emergingmarketequities17%to24%

LESSBULLISH

Globaldevelopedequities30%to24%

Privateequityfunds/fundsoffunds49%to32%

Weexploredthetopicofreassessingassetallocationsandopportunitiesatour

2023FamilyOfficeLeadershipPrograminJune.Anotherassetclassthathas

receivedadditionalscrutinyamongfamilyofficesarehighyieldopportunitiesin

creditmarkets.Theviewsexpressedbelowduringoursessionon“OpportunitiesinDislocatedCreditMarkets”encapsulatethissentiment:

Weseepotentialopportunitiesinthesecondarydebtmarketamongnear-tomedium-termmaturities.Attractionsincludeyields,capstructureseniority,

contractualcashflows,favorablecovenants,reasonableproformaleverageprofilesandevenequityupsidepotentialincertainsituations.Fundmanagerswitha

potentialtrackrecordinhighyieldordistressedmarketsareoneofthewaystoaccesstheseopportunities.

GlobalFamilyOfficeSurveyInsights2023

17

AUMVIEW

Whileintentionswerebroadlysimilaracrosstheboard,largerfamilyofficestendedmuchmorethansmalleronestobeplanningtoaddtoprivatecredit(55%vs31%).Smallerfamilyofficesweremorepronetobecontemplatingreducingholdingsofprivateequityfunds(25%vs16%)andrealestate(37%vs28%)butlikelytobeplanningareductionincash(10%vs3%).

Globaldevelopedinvestmentgradefixedincome

PrivatecreditPrivateequitydirectCash

Privateequityfunds/fundsoffundsRealestate

GlobaldevelopedequitiesEmergingmarketequitiesHedgefunds

GlobaldevelopedcorporatehighyieldfixedincomeCommodities

EmergingmarketfixedincomeArt

Cryptoassets

AUM<$500MM

44%

14%

42%

31%

21%

48%

36%

18%

46%

57%

10%

33%

25%

46%

29%

37%

42%

21%

50%

24%

26%

28%51%21%

15%

31%

54%

17%

34%

49%

22%58%20%

27%

52%

21%

20%66%14%

39%

51%

10%

BULLISHNEUTRALBEARISH

Globaldevelopedinvestmentgradefixedincome

PrivatecreditPrivateequitydirectCash

Privateequityfunds/fundsoffundsRealestate

GlobaldevelopedequitiesEmergingmarketequitiesHedgefunds

Globaldevelopedcorporatehighyieldfixedincome

CommoditiesEmergingmarketfixedincomeArt

Cryptoassets

AUM>$500MM

42%

10%

48%

37%

8%

55%

13%

40%

47%

62%

3%

35%

52%

16%

32%

28%

44%

28%

22%58%20%

21%57%22%

54%

20%

26%

24%54%22%

18%69%13%

18%

24%

58%

19%68%13%

5%

49%

46%

BULLISHNEUTRALBEARISH

18

Globaldevelopedinvestmentgradefixedincome

BULLISH

51%

NEUTRAL

43%

BEARISH

6%

Privatecredit

41%

50%

9%

Privateequitydirect

31%

49%

20%

Cash

23%

65%

12%

Privateequityfunds/fundsoffunds

37%

49%

14%

Realestate

17%

60%

23%

Globaldevelopedequities

26%

57%

17%

Emergingmarketequities

20%

60%

20%

Hedgefunds

26%

46%

28%

Globaldevelopedcorporatehighyieldfixedincome

31%

46%

23%

Commodities

17%

74%

9%

Emergingmarketfixedincome

40%

49%

11%

Art

6%

94%

0%

Cryptoassets3%43%54%

BU