The long view: U.S. equities vs. international stock markets

Should investors stay with U.S. markets or look elsewhere for alpha?

One of the most important debates in investment is the long-term viability of U.S. stocks to deliver solid returns, given the valuation and concentration risks. Some allocators are turning toward the international opportunity set to look for uncorrelated equity returns, with a particular focus on emerging markets.

U.S. equities

Equity Outlook: The Market Is Narrow. The Opportunity Set Isn’t (Metlife IM)

The equity market remains narrow and highly concentrated, but the opportunity set is widening for active investors.

We’re in the Biggest Momentum Rally since the Tech Boom (Natixis IM)

For compliance reasons, this paper is NOT accessible in the United States and Canada

The momentum trade has not only driven valuations of the most successful companies to new heights, it has meant that many investors’ portfolios are increasingly concentrated.

Mid Cap Stocks: Finding the Right Companies (Fidelity Investments)

For compliance reasons, this paper is only accessible in the United States

The S&P MidCap 400 index has meaningfully topped the cumulative performance of benchmark large and small cap indexes since 2000.

U.S. Equities: Where Focus Meets Opportunity (Fidelity International)

For compliance reasons, this paper is only accessible in certain geographies

The recent market volatility, driven by geopolitical tensions and commodity price spikes, is not an isolated shock.

International equities

Is It Value? Is It Growth? (S&P Dow Jones Indices)

Large banks have not only driven index performance; they have also contributed to the migration across styles.

Korean equities: A diverging, concentrated market (FTSE Russell)

For compliance reasons, this paper is only accessible in certain geographies

What are the key forces driving Korean equities and are there any risks investors should know about?

European Tech Autonomy: A Clearer Path (Candriam)

For much of the past decade, European policymakers have treated technology autonomy as a long-term aspiration. However, today, this is no longer the case.

Japan Equities: The Tide Has Turned—and It’s Still Rising (GMO)

The authors argue that investors should be selective and active in their Japan equity exposure. Here is why.

Global Equity Mid-Year Outlook 2026 (Charles Schwab)

Equity markets should remain supported by strong earnings and capital investment trends through 2026, but market concentration and macro risks leave less room for error.

Special Report

Emerging Markets, Reconsidered (Orbis Investments)

This Special Report makes the case for emerging market equities in today's macro and geopolitical environment through five key themes and in in-depth conversation.