In November 2025, the AIMA Global Investor Board discussed their latest sentiment around geopolitics, US exceptionalism and a potential AI bubble, along with the subsequent impact to asset allocation and currency hedging. A few highlights from their conversation:

• Despite heavy debate about geopolitics and U.S. exceptionalism, investors have made only minimal allocation changes, remaining structurally overweight the U.S. due to market depth, technology leadership and accessible opportunities.
• Asset allocation shifts are gradual and incremental, with some rotation toward Europe/Japan/Asia, diversifying strategies, private credit, infrastructure and other private markets, but no broad rebalancing.
• AI is viewed as both transformative and bubble-prone, offering long-term opportunity while raising concerns about overinvestment, valuation excess, job displacement and unpredictable effects on portfolio company multiples.
• Currency hedging remains a major unresolved issue, with no strong consensus on how to measure true USD exposure or how much to hedge; most organizations adjust at the margins by asset class rather than adopt new frameworks.
• Overall sentiment reflects a belief in a structural global regime shift, driving more discussion about scenario analysis and alternative diversifiers, but not yet translating into material portfolio action.