Global equity investors are diversifying their portfolios away from the US despite a dramatic rally carrying Wall Street stocks to a string of record highs, fund flows data shows.
Investors are pouring record amounts into global equity funds that specifically exclude the US, according to analysis of data from fund-tracker EPFR by Société Générale — more than is going into equivalent global funds that include US stocks.
Wall Street has roared back from its lows in April and shows no sign of losing its appeal to global investors. But the fund flows data, as a snapshot of broader market behaviour, shows that investors are increasingly seeking to balance their US exposure with investments elsewhere.