Appendix 2: Survey responses and comments

Robert Pringle and Nick Carver

Below are comments provided by reserve managers to our survey questions.

1. Which in your view are the most significant risks facing reserve managers in 2020? (Please rank the following 1–5 with 1 being the most significant)

After the Covid-19 crisis geopolitics likely will be a hot spot again. On the other hand, strategic asset allocation may be implemented in such a way as to preserve three pillars: safety, liquidity and performance. Therefore, we will keep following, throughout the year, how well the international reserves are hitting these targets.

All of them are somehow

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