FOR THE EIGHTH edition of the Power 100, we laud the asset owners who have distinguished themselves in navigating a changing, and often perilous, market landscape. Come 2020, the ground surely will continue to shift beneath their feet, as they balance opportunity and prudence to deliver first-rate returns.

In 2019, these owners started out after the S&P 500 almost entered a bear market. Along the way this past year, they had to steer through headline-induced downdrafts that could come from anywhere, as the trade war and other exogenous events sent the stock market into turmoil. They also had to strategize how to deal with the return of falling interest rates, as the Federal Reserve reversed its policy of tightening amid signs of economic weakness. Up ahead, those headwinds will present tough challenges. Because they met the test of 2019 with such skill and grace, our Power 100 richly deserve to be honored.

For the list this year, along with their ability to innovate, some CIOs moved up the list when we added influence into our formula of factors. As the industry is often shaped by the power qualities of the CIO, their ability to collaborate also continues to play an important role, as CIOs tread carefully toward continued globalization, co-investment and team development to create investment offices that will last far into the future.