Canadian institutional investors are preparing to reduce their exposure to U.S. stocks and put more capital into infrastructure and emerging markets, according to new survey findings released by Marsh People and Investments Canada.

The 2026 Global Asset Owner Barometer found that 52% of Canadian asset owners surveyed plan to reduce their U.S. equity allocations over the next 12 months. That exceeds the North American average of 40%, alongside 31% in Asia-Pacific and 33% across Europe, the Middle East and Africa.

Infrastructure leads Canadian allocation plans: 66% intend to increase their holdings, compared with 51% globally. Emerging-market equities are close behind, with 62% of Canadian respondents planning increases, versus 47% worldwide.

The findings arrive amid concerns about U.S. market concentration, AI valuations and tariff uncertainty. They suggest Canadian investors are seeking a broader range of sources of growth, alongside assets offering inflation protection and long-term returns.

For Canada, the appetite for infrastructure presents an opportunity to attract institutional capital into domestic projects. Securing that investment will depend on offering projects with credible returns and workable delivery plans: the survey does not specify that increased infrastructure allocations will stay in Canada.

The figures measure investment intentions, rather than completed withdrawals or dollar flows. But the direction is clear: a majority of Canadian respondents intend to reduce their U.S. stock exposure while expanding investments elsewhere.

The global survey covered 430 asset owners across 25 countries, collectively managing US$5.76 trillion, and was conducted in June and July 2026.