Originally published: Chief Investment Officer, 04 February 2026
U.S. corporate debt and stocks, along with gold, are among the least attractive assets for managers over the next five years, according to Nickel Digital Management.
Cryptocurrency and private equity are the asset classes institutional investors expect to provide the best risk-adjusted returns over the next five years, according to an analysis by U.K.-based Nickel Digital Management Ltd. At the opposite end, gold and U.S. investments were cited as the least attractive.
The firm’s analysis was based on a survey conducted by market research firm Pureprofile of 260 institutional investors in the U.S., U.K., Germany, Singapore, Switzerland, Brazil and the United Arab Emirates that collectively manage $14 trillion in assets. Of those 260 institutional investors, 108 reported that they currently own no investments in cryptocurrency and digital assets, but plan to acquire some in the next two years.
The survey found that 65% of institutional investors polled said cryptocurrency investments will provide the most attractive risk-adjusted returns over the next five years, followed by private equity, which was listed by 61% of respondents. Those asset classes were followed by European equities and commodities, each of which were cited by 53% of respondents.
Meanwhile, institutional investors seem to be shying away from U.S. investments, as U.S. equities and investment-grade debt occupied the fourth- and second-to-last spots at 43% and 38%, respectively. However, gold was essentially shunned by the investors, lagging far behind all other assets, as it was cited by only 9% of respondents.
