US fund managers are increasing investments in international stock markets after rising interest rates and fears of an economic slowdown brought an end to more than a decade of domestic dominance.
US stocks have vastly outperformed most other developed and emerging markets since the financial crisis, but the trend began to reverse last year.
The Europe-wide Stoxx 600 index has now posted stronger returns than Wall Street’s S&P 500 for four consecutive quarters, its longest period of outperformance since 2008. European stocks did decline in the middle of last year, but losses were milder than in the US, and asset managers that rode the US growth trend have recognised the need to diversify.
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