OMFIF outlined a dark mood among the funds, with more than half expecting a global economic recession in the next 12 months.
None reported a positive outlook for China's economy, citing the regulatory environment and geopolitics among primary factors dissuading them from investing.
"(Investors) are now focused on how to deal with a macroeconomic environment that is stuck in a higher-for-longer interest rate cycle," the report said.
Overall, sovereign funds fared better than their public pension peers, OMFIF added.
The UAE's Abu Dhabi Investment Authority and Saudi Public Investment Corporation grew by 13.8% and 12.9% respectively, gaining over $200 billion between them.
Persons:
David Morley, OMFIF, Libby George, Sharon Singleton
Organizations:
Investors, Official Monetary, Financial, OMFIF, Caisse, outsized, Abu Dhabi Investment Authority, Saudi Public Investment Corporation, Thomson
Locations:
China, India, Middle East, Abu Dhabi