In this chart pack, we highlight the key country, sector and stock exposures among active Global equity funds. The end of the report includes profiles of the key countries and sectors, providing further details on stock and fund-level exposures.

Country Analysis: The USA remains the cornerstone of global equity portfolios, with average weights reaching a record high of 56.55%. Despite its dominance, underweights hover near historic levels at -7.25% below the benchmark, balanced by overweights in Europe’s “big four.”

Sector Analysis: The top five sectors of Tech, Health Care, Financials, Industrials and Discretionary dominate global equity portfolios, accounting for 75% of all allocations. Despite its dominance, Technology’s growth has stalled, with net underweights expanding to a record high of -1.5% below benchmark. 

Stock Analysis: Microsoft Corp stands out as the most widely owned stock, leading a group of six companies with ownership exceeding 50% of Global funds. TSMC and Novo Nordisk dominate the overweight list, while Apple Inc remains a notable underweight, with 87% of funds holding less than benchmark exposure. However, Apple is seeing renewed interest, driven by the AI boom, which has propelled record fund ownership in ASML Holdings, NVIDIA Corp, and TSMC.