Non-U.S. Markets vs. U.S. Markets Capital Growth Lies Outside of the U.S.

International Stocks Have Closed the Valuation Gap

With the tremendous run in international stocks over the past three years, the valuation gap has clearly closed. But, in general, you still see less long-term commitment to owning equities by investors outside the U.S. When markets run into trouble, you’ll see more wholesale selling of equities by non-U.S. institutional holders. There may be some historical precedent to that, and we hope it continues.