A Hong Kong billionaire has sharply increased his gold allocation, highlighting a shift in family office portfolio construction amid rising geopolitical risks. Value investing veteran Cheah Cheng Hye has lifted gold exposure to about a quarter of assets at his USD1.4bn family office, up from roughly 15% a year ago, according to people familiar with the matter. Cheah said he mainly buys and holds physical gold and highly liquid vehicles, avoids derivatives and borrowing, and f