Bank of America(US:BAC) 智通财经网·2026-02-20 14:32Group 1 - The attractiveness of the US stock market relative to other major global markets is declining, reaching a low not seen in over five years [1] - According to Bank of America strategist Michael Hartnett, only $26 out of every $100 invested in global equity funds has been allocated to US stocks this year, the lowest proportion since 2020, significantly down from the peak of $92 in 2022 [1] - The decline in relative allocation to US assets indicates a shift away from the long-discussed "American exceptionalism," suggesting a decrease in investor interest rather than a mass withdrawal from US assets [1] Group 2 - The US stock market has underperformed compared to overseas markets this year, with the S&P 500 index nearly flat since 2026, while the MSCI World Index excluding the US has risen nearly 8% in the same period [1] - Investor concerns regarding the US market stem from multiple factors, including excessive investments by large tech companies in AI, a weakening dollar influenced by Trump-era policies, and a preference for cyclical stocks amid improving global economic growth expectations [1] - Data from EPFR Global indicates that developed international markets, including Europe and Japan, have attracted approximately $125 billion in inflows this year, while US stock-related funds have only seen about $35 billion [1] Group 3 - Hartnett has previously noted that US trade policies are shaping a "new world order" that may redefine global capital allocation patterns [4] - Since late 2024, Hartnett has maintained a preference for international stock markets, believing that the relative attractiveness of overseas markets is increasing under the current macroeconomic and policy environment [4]