The market regime is shifting from concentration to competition. The forces that drove U.S. dominance and narrow leadership are evolving, creating a more complex and less stable environment.
Opportunity is expanding globally and becoming more interconnected. Higher rates, fiscal policy, regionalization, and AI are driving returns in unexpected places.
Dispersion is rising, making active and portfolio construction critical. Outcomes are diverging across regions, sectors, and companies, while many portfolios remain exposed to legacy concentrations built for a different regime.
How you go global now matters as much as going global. Capturing opportunity increasingly requires an integrated approach that allocates across markets, not just between U.S. and non-U.S. buckets.
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Global equity markets entered 2025 with a familiar narrative. U.S. leadership remained firm, supported by strong earnings, AI-driven optimism, and a market structure increasingly dominated by a narrow group of large-cap companies. For many investors, the path forward seemed clear: stay anchored to
