The survey reveals that 80 per cent of charities expect the returns from their investments to meet their charities' future requirements and commitments.
Although the figure is high, it is 10 per cent down on the previous year.
Equities remain the most popular assets, with 76 per cent of organisations holding them. They are followed by cash (70 per cent) and bonds (61 per cent), although all three experienced a fall in the number of charities choosing them.
Hedge funds and property were the only assets to experience growth, with 42 per cent of charities now investing in property.
Jeremy Wells, head of charities investment at JPMorgan Asset Management, said: "Charities are still quite optimistic, but have tempered their confidence and are thinking more about controlling risk than the aggressive pursuit of returns."