Bank of America(US:BAC) Zhi Tong Cai Jing·2026-02-13 11:08Group 1 - The core viewpoint of the article is that U.S. trade policies are creating a "new world order," leading investors to shift from U.S. assets to non-U.S. assets, particularly benefiting emerging market commodity-producing countries due to rising AI demand [1][4] - According to Bank of America strategist Michael Hartnett, the trend of moving away from U.S. stocks is supported by significant capital flows, with $104 billion flowing into international developed market equity funds compared to only $25 billion into U.S. equity funds this year [1] - Since the announcement of significant tariffs by former President Trump, U.S. assets have been volatile, and despite the withdrawal of some tariffs, the S&P 500 has underperformed compared to international indices, with the MSCI global index (excluding the U.S.) outperforming by 39% [4] Group 2 - The trend of capital shifting towards international markets has accelerated, with European, Japanese, Korean, and emerging market indices collectively outperforming U.S. stocks since the beginning of 2026, driven by a weaker dollar enhancing overseas returns [4] - Fund managers indicate that the perception of U.S. stocks as the only viable investment option is changing, with a growing interest in diversifying into international equities [5][6] - Despite some investors labeling the current trend as a "sell-off of America 2.0," many still believe that U.S. stocks will continue to lead the global market, albeit with a reduced advantage compared to previous years [5][6]