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Nevertheless, for the remainder of 2025, we believe that US equities will outperform European equities and that the US should remain a core component of a well-diversified global equity strategy. The key question for investors, then, is what the right overall allocation to US equities should be within a global portfolio.

The US currently comprises over 64% of the MSCI All Country World index, and a simple rule of thumb is to allocate at least half of global equities to the US. Investors significantly below this level should consider building up US allocations ahead of a period of expected relative outperformance.

Meanwhile, those with US equity allocations well above this level should use near-term strength to diversify—potentially into emerging market equities, where we also expect outperformance.

For more, see the .