Through a Wider Lens: The Growth Opportunity Beyond US Markets

Jennison Associates

Research

8 Pages

Jennison Associates argues that investors are overlooking compelling growth franchises outside the United States as benchmarks skew toward cyclicals. Evidence spans widening valuation gaps, improving earnings leadership in select non US growth names, and persistent index concentration that obscures secular winners.

Data through June 30, 2025. Source: MSCI, Standard and Poor’s, Jennison.

Key Takeaways

Index cyclicality: ACWI ex US allocates about 61 percent to cyclical sectors, underweighting durable growers.
Valuation gap: Many international growth franchises trade at double digit discounts to US peers despite similar growth.
Active advantage: Bottom up selection in AI mobility and fintech improved hit rates versus passive country weights.
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