The biggest US investors are trimming US stocks. Here's where it's going.
Why now
Thesis: US investors rotating abroad pressures domestic indices.
Catalyst to watch: Continued outflows favor international equities.
Main risk: Rotation reverses back to US.
Why it matters
Large US asset owners trimming US equity overweight and rotating abroad implies relative headwind for US indices versus international.
Details
Marsh's 2026 Global Asset Owner Barometer surveyed 430 asset owners running more than $5.76 trillion. Andrew McDougall, who runs US investments, says the large US funds are paring back an overweight in US equities, taking some profit, and moving it into emerging and international markets. He is care
Related assets & topics
S&P 500 ETF · SPYEmerging Markets ETF · EEMDeveloped ex-US ETF · EFAInstitutional FlowsSources
- youtube · 2026-09-21 22:00 UTC