全球资产配置大转向持续发酵：投资者仍不愿全仓押注美国

Core Viewpoint - A significant trend is emerging among investors as they approach 2025, characterized by a reluctance to heavily invest in U.S. assets, a phenomenon referred to as "Sell America" or "Anywhere But the USA" [1] Group 1: Investor Sentiment - Many investors are increasingly discussing the need to withdraw from the U.S. market, as noted by ETF.com’s Dave Nadig [1] - Despite a rebound in major U.S. indices, international investors continue to favor portfolios that are not dominated by U.S. stocks [1][2] - The "Trump sell-off" initiated by trade policy concerns is still evolving, according to AJ Bell's Daniel Coatsworth [1] Group 2: Global Fund Trends - There is a rising interest in global funds that exclude U.S. assets, allowing investors to gain market exposure while avoiding U.S. equities [2] - The MSCI World Ex-U.S. Index has risen by 24% year-to-date, outperforming the S&P 500 Index, which has increased by approximately 15.6% [2] Group 3: Asset Allocation Factors - Investors may limit their U.S. asset allocation due to already significant exposure or dissatisfaction with the current U.S. political climate [3] - Concerns about the extreme concentration of the U.S. stock market, particularly among the "Magnificent 7" tech stocks, are influencing asset allocation decisions [3][4] Group 4: International Demand - Evidence suggests that demand for international assets remains strong, with Brandes Investment Partners reporting significant inflows into international and global strategies [4] - Investors are still allocating funds to U.S. stocks but are increasingly focusing on value stocks or small-cap stocks as part of diversified global portfolios [4] Group 5: Diverging Perspectives - Not all analysts agree on a mass exodus from U.S. assets; some see a trend more aligned with "hedging against the U.S." rather than outright selling [5] - There is a notable difference in experiences between domestic and international investors, with European investors facing lower net returns from U.S. investments due to currency fluctuations [6]