Non-US investors own more US stocks than ever: Investors from outside the US held $24.32 trillion of US equities in July, the 3rd-largest amount in history. Year-to-date, foreign holdings of US equities have surged +$2.22 trillion, or +10%. Since the 2022 bear market, this fig
Why now
Thesis: Foreign demand underpins US equities at record share
Catalyst to watch: Monthly Treasury/flow data on foreign holdings
Main risk: Crowded foreign positioning unwinds fast
Why it matters
Record foreign ownership of US equities ties US asset prices to overseas flows; a reversal would amplify drawdowns, while continued inflows support multiples.
Details
Non-US investors own more US stocks than ever: Investors from outside the US held $24.32 trillion of US equities in July, the 3rd-largest amount in history. Year-to-date, foreign holdings of US equities have surged +$2.22 trillion, or +10%. Since the 2022 bear market, this figure has soared +$12.3 trillion, or +103%. As a result, foreign allocation to US equities jumped to a record 60% of their US financial assets. This proportion now stands ~6 percentage points above the 2000 Dot-Com Bubble peak. Foreign appetite for US equities is historically strong.
Sources
- x · 2026-09-27 16:28 UTC