The reign of the dollar is coming to an end. What investors can do about it.

The past 12 months were tough for the greenback. The U.S. Dollar Index, which measures the dollar’s value against a basket of developed currencies, slid 8% over the past year—and the list of potential concerns grows longer and longer. They include the breakdown in the U.S.-led multilateral system, growing concern that the dollar will continue to be weaponized through sanctions and seizures, worries about Federal Reserve independence, unease about profligate U.S. government spending, and a long overdue rebalancing as growth and yields abroad become more relatively attractive. None of that implies the dollar will suddenly fall from grace, abandoned in…