“特朗普交易”终结？投资者加速“去美国化”

Group 1 - The core sentiment among global investors is shifting away from U.S. assets towards European and Asian markets, indicating a significant global portfolio rebalancing [1] - The S&P 500 index has slightly declined this year, while global stock indices excluding the U.S. have risen by 9%, suggesting that 2023 may become the worst year for U.S. stocks relative to other markets since 1995 [1][2] - Factors such as pressure on U.S. tech stocks, ongoing policy uncertainties, and a slowdown in economic growth to an annualized rate of 1.4% are undermining the attractiveness of U.S. assets [1][4] Group 2 - Fund managers' enthusiasm for risk assets remains high, but their focus has fundamentally shifted, with expectations for the new U.S. government in late 2024 driving initial excitement [2] - Despite Trump's limited power, the U.S. market has not rebounded, indicating a deeper change in capital flows rather than just policy concerns [2] - A record proportion of global investors are now overweight in Eurozone assets, with over one-third of respondents holding more EU stocks than their benchmarks, compared to just 9% three months ago [3] Group 3 - The decline in U.S. tech stocks, which have been a cornerstone of investment success over the past decade, is contributing to the pressure on U.S. assets [4] - Recent economic data from the U.S. shows a lackluster annualized growth rate of 1.4%, which is closer to Europe's slower pace, further diminishing the appeal of U.S. investments [4]