The survey, which covered managers in SWFs representing over 50 per cent of the $5trillion held by SWFs globally, found that SWFs remained “very cautious” about the current market. They also are concerned about supporting further bailout and capital injections after previous investments have subsequently fallen in value.

The survey also found that SWFs are diverting cash inflows to domestic markets to help stimulate their home markets, rather than continuing to invest globally.

One SWF executive told the survey: “We are ready to re-enter the market in a major way, but not for several months given that we are sure prices are only heading down.”