Tilting The Odds In Your Favour

Baillie Gifford

Stephen Corr

Research

11 Pages

Baillie Gifford argues global equity markets are shifting away from US dominance, with international opportunities expanding as capital, innovation, and listings disperse globally. The paper challenges home bias, noting non-US markets now represent 55% of investable value, while US listings have fallen 46% since 1996, raising questions about future leadership.

Key Takeaways

Shrinking US Market Base: US-listed companies declined from 8,090 to 4,397 between 1996 and 2018, a 46% drop despite a significantly larger economy.
International Market Expansion: Non-US listed firms grew from 26,432 to 38,945, a 47% increase, now representing 70% of global stock count across 82 countries.
IPO Leadership Shifting Abroad: US share of global IPO proceeds fell from 38% in 2014 to 36% in 2020, with listing activity increasingly concentrated outside the US.
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