Asset Allocation

Noah Holdings’ H1 2026 CIO Report reclassifies AI from a tech theme to a critical infrastructure asset. Facing macroeconomic uncertainty, wealth management now prioritizes long-term stability over short-term gains. The report emphasizes investing in AI’s physical underpinnings like data centers and energy systems. Noah suggests AI infrastructure as a portfolio anchor, complementing traditional assets to reduce volatility and ensure durable cash flows, aiding families in preserving direction and dignity across market cycles.

Norway’s $2 trillion sovereign wealth fund reported a 5.8% return for Q3, driven by strong equity market performance and AI optimism. Norges Bank Investment Management (NBIM) cited strategic asset allocation and favorable conditions. Equity investments yielded 7.7%, while fixed income returned 1.4%. The Fund’s diversified portfolio includes equities, fixed income, real estate, and renewable energy. The fund remains committed to broad diversification, despite returns slightly below the benchmark.