Advisors’ exposure to international stocks has consistently decreased since we started collecting data through our portfolio reviews in 2020. In 2025, we saw a slight increase. (See chart below.)
Then international stocks outperformed in 2025 so those who had allocated more to international were among the top-performing portfolios we reviewed in 2025. (See chart below.) The MSCI All World Country Index ex US, representative of large- and mid-cap stocks across developed and emerging markets, returned 32.4% versus 17.4% for the Russell 1000, considered representative of large-cap US stocks.1
In their 2026 annual investment outlook, our global market and investment strategists noted that they expect a weaker US dollar and better growth outside of the US to support the performance of non-US assets, especially emerging market (EM) stocks and EM debt. They also stated that lower US policy rates and greater fiscal spending in Europe, Japan, and China should lead to an improved global growth trajectory next year — and higher global stock markets.
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All investing involves risk, including the risk of loss.
Past performance does not guarantee future results.
Investments cannot be made directly in an index.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.
The opinions referenced above are those of the author as of March 10, 2026. These comments should not be construed as recommendations but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties, and assumptions; there can be no assurance that actual results will not differ materially from expectations.
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