Summary

• Return patterns in global equity markets appear to be shifting in ways that should prompt investors to revisit their allocations.
• In the 16 months since January 2025, emerging market equities surged by 53.8%, followed by European stocks with a 42.2% gain.
• With valuations elevated and US market concentration still extreme, we believe this may be the right moment to rebalance toward a broader opportunity set that includes value equities as well as non-US developed markets and emerging markets.

How Have Global Equity Return Patterns Changed in the Past 16 Months?

It’s human nature to allow familiar patterns to guide our decision-making processes. But it’s just as important to recognize when changing conditions warrant a

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