1、1Global Survey Report 2023Gauging risk,building resilienceFindings from the 2025 Global Endowment and Foundation Investment Survey 2Gauging risk,building resilienceContents3Foreword6Keyfindings11 Drivinglong-termperformancethroughshort-termchallengesAssetallocationtrends15 Alternatives 20Conclusion2

2、1Contactus7 Portfoliorisksandoperationalresilience4 Introduction:AglobalresponsefromadiverserangeofE&FinvestorsContentsIntroductionContact usKey findingsForewordPortfolio risks and operational resilienceAsset allocation trendsAlternativesConclusion3Gauging risk,building resilienceForewordWhen we loo

3、k beyond geopolitics,market volatility,inflation and recession,we find that the greatest concern for investors is how to generate sufficient returns to meet spending targets,which are expected to rise over the next few years.In 2023,endowments and foundations were understandably concerned about the

4、risks posed by persistent inflation and the likelihood of an economic recession.Two years on,these risks continue to linger in the background,while in the foreground are the more pressing concerns caused by domestic and international politics.This includes regulatory initiatives we are already seein

5、g in places like the US and the market volatility those initiatives have introduced.When we look beyond geopolitics,market volatility,inflation and recession,we find that the greatest concern for investors is how to generate sufficient returns to meet spending targets,which are expected to rise over

6、 the next few years.Understanding all these concerns in the context of investment allocations and plans for the future is the principal aim of this study.This year,over the summer of 2025,we aggregated data and investor responses across 16 global markets to build a snapshot of investors views on the