Not only is the split of asset classes more even, but there is a much wider variety of sectors being discussed – many of which are coming off the back of poor runs. This speaks to the level of uncertainty present today, and the change in market leadership from a year ago.

In 2021, equity was comfortably the dominant category with 77% of sponsors talking about products in that area compared with 47% today. But fixed income has benefited from rising yields to jump from 15% to 39% this year.

At the sector level, the most common equity sector presented to delegates this year is Equity – Infrastructure taking the place of Equity – Global Growth. In fact, and perhaps unsurprisingly, Equity – Global Growth is nowhere to be seen this year. Tied for second place is Equity – Global Blend, Equity – China, Equity – Japanese Small & Medium Companies and Equity – Technology.

High-yield fixed income sectors are the most popular category among sponsors, both global and European. In second place, we have global bonds and emerging market debt. The latter is particular noteworthy as most are hard-currency emerging market debt funds, which have fallen more than 30% this year on the back of the strong dollar and concerns over the global economy.

The prevalence of ESG strategies has also fallen from 38% to 26% today. On the surface that seems like a big drop, but that more than a quarter of sponsors are presenting dedicated ESG strategies after a difficult year, both in terms of performance and flows, reflects their belief that demand for these types of vehicles remains high.