Global Funds Increase U.S Underweight

From our Global Research, covering 430 global strategies with a combined AUM of $760bn. Global managers are increasing their underweight to US equities. The chart below plots the equally weighted average holding in US stocks (blue line) and the holding relative to the I-Shares MSCI All Country World ETF (red line). Today’s underweight of -6.83% represents an all-time low. We analyse the sectors, the stocks and the funds that lie behind these moves.

Steven Holden