--- title: "Canada Pension Plan Investment Board (IMCO): Gold, yen, and Swiss franc can serve as alternatives to the US dollar and can also shift fixed income allocations to shorter durations" type: "News" locale: "en" url: "https://longbridge.com/en/news/274156231.md" description: "The Investment Management Corporation of Ontario (IMCO) stated in its annual report that the Swiss franc, yen, and gold can serve as alternatives to the US dollar, reflecting a waning confidence in the dollar as a safe-haven currency. At the same time, IMCO recommends shifting fixed-income allocations to shorter durations to address policy risks and uncertainties. The report also mentions that investors should focus on assets related to production and the real economy, such as AI, energy infrastructure, and healthcare, to seize potential investment opportunities" datetime: "2026-01-29T13:16:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274156231.md) - [en](https://longbridge.com/en/news/274156231.md) - [zh-HK](https://longbridge.com/zh-HK/news/274156231.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/274156231.md) | [繁體中文](https://longbridge.com/zh-HK/news/274156231.md) # Canada Pension Plan Investment Board (IMCO): Gold, yen, and Swiss franc can serve as alternatives to the US dollar and can also shift fixed income allocations to shorter durations According to the Zhitong Finance APP, one of Canada's largest institutional investors, the Ontario Municipal Employees Retirement System (IMCO), in its latest annual outlook report, has identified the Swiss franc, Japanese yen, and gold as potential alternatives to the US dollar, reflecting a reassessment of institutional investors' confidence in the dollar as the "ultimate safe-haven currency." Additionally, the report mentioned that **shifting fixed income allocations to shorter durations is another response strategy.** As one of Canada's largest pension and asset management organizations, IMCO currently manages approximately CAD 86 billion (about HKD 496.1 billion) in assets for public sector employees, government agencies, and schools. In the report, IMCO noted that since US President Trump announced comprehensive tariffs in April last year, although US Treasury yields have risen, the dollar has weakened simultaneously. This phenomenon, which deviates from the traditional logic that rising yields equate to a stronger dollar, **may indicate that investors no longer unconditionally view the dollar as the preferred safe haven during market turmoil.** **For some global capital, the US may no longer be seen as a stable and predictable partner.** However, an IMCO spokesperson also added that the relevant analysis reflects a strategic viewpoint and does not necessarily mean that the fund has made actual adjustments to its currency exposure. **Shifting fixed income allocations to shorter durations is another response strategy.** The report indicates that an increasingly politicized Federal Reserve may suppress short-term yields, while policy risks and uncertainties could elevate long-term term premiums, thereby pushing up yields. If tariff measures and a weaker dollar increase import costs, leading to broader inflation effects, this could add additional momentum to rising US yields. Furthermore, the report also suggests that investors consider assets related to production and the real economy, including AI artificial intelligence and energy-related infrastructure, as well as strategically significant sectors such as technology and healthcare. As governments seek to enhance domestic production capabilities and ensure supply chain security, investment opportunities may emerge in commodities, raw materials, energy, and other natural resources, "many of which tend to perform relatively well during inflationary periods and could serve as a potential complement to other inflation-sensitive assets (such as real return bonds)." ### Related Stocks - [Kinross Gold Corporation (KGC.US)](https://longbridge.com/en/quote/KGC.US.md) - [ProShares UltraShort Yen (YCS.US)](https://longbridge.com/en/quote/YCS.US.md) - [VanEck Junior Gold Miners ETF (GDXJ.US)](https://longbridge.com/en/quote/GDXJ.US.md) - [Invesco DB Precious Metals (DBP.US)](https://longbridge.com/en/quote/DBP.US.md) - [SPDR® Gold Shares (GLD.US)](https://longbridge.com/en/quote/GLD.US.md) - [US Global GO GOLD and Prec Mtl Mnrs ETF (GOAU.US)](https://longbridge.com/en/quote/GOAU.US.md) - [VanEck Gold Miners ETF (GDX.US)](https://longbridge.com/en/quote/GDX.US.md) - [Gold.com (GOLD.US)](https://longbridge.com/en/quote/GOLD.US.md) - [iShares MSCI Global Gold Miners ETF (RING.US)](https://longbridge.com/en/quote/RING.US.md) - [abrdn Physical Gold Shares ETF (SGOL.US)](https://longbridge.com/en/quote/SGOL.US.md) - [Invesco CurrencyShares® Japanese Yen (FXY.US)](https://longbridge.com/en/quote/FXY.US.md) - [Agnico Eagle Mines Limited (AEM.US)](https://longbridge.com/en/quote/AEM.US.md) - [Newmont Corporation (NEM.US)](https://longbridge.com/en/quote/NEM.US.md) - [ProShares Ultra Yen (YCL.US)](https://longbridge.com/en/quote/YCL.US.md) - [ProShares Ultra Gold (UGL.US)](https://longbridge.com/en/quote/UGL.US.md) - [Global X Gold Explorers ETF (GOEX.US)](https://longbridge.com/en/quote/GOEX.US.md) - [abrdn Physical PrecMtlBsk Shrs ETF (GLTR.US)](https://longbridge.com/en/quote/GLTR.US.md) - [iShares Gold Trust (IAU.US)](https://longbridge.com/en/quote/IAU.US.md) ## Related News & Research - [Gold Hunter shifts from quiet buildup to fully funded drilling push at Newfoundland gold district](https://longbridge.com/en/news/281261616.md) - [05:10 ETBest Gold Investment for Beginners (2026): Priority Gold Named Leading Platform for Gold IRAs and First-Time Buyers by Better Business Advice](https://longbridge.com/en/news/281622297.md) - [Pricier fuel hits Tokyo cherry blossom river cruises ](https://longbridge.com/en/news/281140182.md) - [Lexington Gold Secures Shareholder Backing at 2026 AGM](https://longbridge.com/en/news/281053589.md) - [Norsemont Commences Trading on the OTCQX Market | NRRSF Stock News](https://longbridge.com/en/news/281383766.md)