1、McKinsey on RiskNumber 13,October 2022Performance edge:Investors hone their strategies for a new eraInstitutional investors are rethinking their strategies for a new,less stable era.AuthorsIsmail Bel-BachirSacha GhaiDuncan KauffmanEser KeskinerRobin MatthiasElizabeth SkoviraMarcos Tarnowski July 202

2、3Private Equity&Principal Investors PracticeRyan Herron/Getty Images1Performance edge:Investors hone their strategies for a new eraThe three decades from 1990 to 2020 were a great time to be an institutional investor(II).While there were stormssuch as the Asian financial crisis of the late 1990s,the

3、 tech bubble of the early 2000s,and the 200809 global financial crisisthese events punctuated an otherwise steady and stable economic order with consistent“rules of the game.”IIs grew significantly,in terms of assets as well as people,and delivered strong returns.Now,in the third decade of this mill

4、ennium,IIs are operating in an environment quite different from the 19902020 period they had become accustomed to.Prominent features of this new environment include uncertainty,disruption,and radical shifts in public expectations of business and society.Institutions feel pressure to adapt.To underst

5、and how IIs are responding to this new context,we collected perspectives from senior executives at 40 of the worlds top pension and sovereign wealth funds(SWFs),which collectively manage$10 trillion in assets worldwide(Exhibit 1).Our research shows that they are rethinking their strategies across th

6、ree major dimensions:purpose,portfolio construction,and proficiency.Their purpose is evolving in light of the new salience of social factors and an intensifying focus on the climate transition.Portfolios are being dynamically redesigned in pursuit of resilience and returns in uncertain times.And IIs