Sunrise on Venus

Orbis Investments

Rob Perrone, John Christy

Research

12 Pages

This paper examines the prolonged outperformance of U.S. equities over the past 15 years and highlights emerging opportunities in international (ex-U.S.) markets. It suggests that the factors driving U.S. dominance—such as low interest rates and investor enthusiasm for growth stocks—may be waning, making a compelling case for diversifying into undervalued international equities.

Key Takeaways

U.S. equity dominance may wane: U.S. stocks outpaced ex-U.S. equities due to low rates and high valuations, but these drivers may not persist.
Valuation disparities favor ex-U.S. markets: U.S. equities trade at a premium, while international markets offer lower valuations and potential for reversion.
Active management opportunities abroad: International markets present broader opportunities for value-driven stock selection and alpha generation.
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