How are family offices positioning their portfolios?

SUMMARY

Family office clients put their liquid resources to work as they have done all year. They favored Fixed Income – particularly high-quality instruments – as well as Developed Large Cap Equities to a lesser extent. We explore these moves and what they may be thinking.


Systematically observing other investors’ activities can be a useful exercise. Whether you are a trend follower, a contrarian or simply seeking a sense check, important insights may be gained from analyzing how your peers are positioning their portfolios.

The Family Office Investment Report presents a detailed snapshot of the allocations and activities at Citi Private Bank of a large sample of sophisticated investors globally — family office clients. Our quarterly edition of Family Office Investment Report explores an important question against the backdrop of recent geopolitical and economic developments: what are some of the world’s most sophisticated investors doing with their portfolios?

Using data from our family office clients worldwide, we examine recent portfolio positioning and shifts at global and regional levels. We also discuss the findings in the context of Citi Global Wealth’s best thinking on tactical and strategic asset allocation and the macroeconomic and geopolitical environment. 

Key takeaways from our Family Office Investment Report

In aggregate, these family offices showed tenacity and wisdom in their portfolio positioning last year. We noted in the previous edition how they had resisted the temptation to retreat more into Cash amid a tumultuous third quarter for both Equities and Fixed Income.

Instead, they continued to put their liquid resources to work as they had done all year. They favored Fixed Income – particularly high-quality instruments – as well as Developed Large Cap Equities to a lesser extent.

Our family office clients’ resolve proved correct. Fixed Income performed strongly in the fourth quarter of 2023, including the US dollar denominated quality segments that our Global Investment Committee had overweighted. Developed Large Cap Equities also registered powerful gains during the period.

Against this backdrop, family offices continued to add to their Fixed Income holdings, although not generally increasing exposure to Global Equities.

Nevertheless, they were constructively positioned overall entering 2024. We will closely observe their ongoing adjustments as this year unfolds.   

Learn more about our family office advisory services and download our Q4 2023 report.

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