The writer is head of asset allocation research at Goldman Sachs
US assets are increasingly dominating investor portfolios, now making up roughly half of global equity and bond markets. Sustained outperformance since the Great Financial Crisis and a strong dollar have spurred this shift, with investors steering capital flows to the US in search of better returns.
But since the beginning of the year investors have increasingly questioned their US exposures, looking at strategies for international diversification and currency hedging.
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