Institutional investors hold a notably more optimistic view of the economic outlook than corporate Chief Financial Officers (CFOs), according to Teneo’s 2025 Vision CFO and Investor Outlook Survey. While 78% of investors expect economic conditions to improve in the second half of 2025, only 43% of CFOs share that sentiment. The survey, conducted between May 16–29, 2025, reflects responses from 132 CFOs and 200 institutional investors representing $16.7 trillion USD in combined market cap and AUM. This divergence in sentiment is reflected in how CFOs are navigating the current environment. A full 86% are actively reshaping supply chains in response to persistent trade and tariff pressures, while significant portions are also adjusting capital expenditures (71%), streamlining SG&A spending (81%), and even revising earnings guidance downward.
Market volatility and geopolitical uncertainty remain key concerns, especially around M&A strategies. Teneo’s Co-Head of Investor Relations Advisory, Christian Buss, noted, “We have been advising CFOs throughout this period of disruption, and this new environment has led to major shifts in both the decisions CFOs are faced with—and how quickly they need to move as the choices they make today will impact their businesses over the long term.” Teneo CEO Paul Keary added, “CFOs are navigating through unprecedented disruption as they face a new operating environment that includes heightened uncertainty around global trade, tariffs, market volatility and a changing regulatory and political environment.” While CFOs are generally cautious, 81% remain confident in debt market access and 70% see support from private equity, suggesting potential for strategic opportunities ahead.
