22 September 2026
Marsh's 2026 Global Asset Owner Barometer surveyed 430 asset owners running more than $5.76 trillion. Andrew McDougall, who runs US investments, says the large US funds are paring back an overweight in US equities, taking some profit, and moving it into emerging and international markets. He is careful that this is a continuation of a trend rather than a wholesale shift. He also explains why cash ranked only fifth on net intentions even though it was the survey's biggest year-on-year move, and why inflation resilience is the louder message underneath all of it. Featuring: Andrew McDougall, US Chief Investment Officer, Marsh Investments and Retirement Timestamps 0:00 The claim: Large investors are turning to cash 0:22 Cash came in fifth, and what came in louder 1:59 Near-term shock or an ongoing concern? 2:06 The survey landed at peak Middle East escalation 3:08 Is the cash build a drawdown hedge? 3:18 "Selling US equities into international and emerging equities" 4:46 Emerging markets up 25% year to date against the S&P 500's 13% 5:06 Why he is still constructive on emerging markets 5:56 Private markets: 93% exposure, and a reordering 7:12 The surprise: US investors ranked real estate second 7:31 AI as the top long-term opportunity 8:51 Close #EmergingMarkets #AssetAllocation #Inflation #PrivateMarkets #Marsh #YahooFinance
