The Universal Owner — June 4: The Gulf kept buying through the war

Gulf sovereign funds kept deploying through the Iran war - most of it into developed markets - even as official reserve managers eased off the dollar. We read the June capital-flow map, the split opening inside the Gulf (ADIA and PIF lean emerging; the rest buy the US), and what a fragmenting "safe haven" means from the allocator’s seat. Full brief and sources: https://www.universalassetowners.com