The five biggest Gulf sovereign funds deployed nearly $26 billion in three months — faster than their five-year pace — even as the Iran war shut the Strait of Hormuz. We cover the headline number, the emerging-markets tilt at PIF and ADIA, PIF's spend-and-prune quarter, and the long take: whether deploying into your own region's war is resilience or layered concentration risk.

Full brief and sources: https://www.universalassetowners.com