投资者，悄悄撤出美国资产

Group 1 - The article highlights a renewed momentum in asset diversification globally, particularly in emerging markets, as tensions between the US and Europe rise, leading to pressure on the dollar [1][3] - The MSCI Emerging Markets Index has seen a strong start in 2026, with a cumulative increase of 7% this year, while the S&P 500 has only risen by 1% [1] - Latin American stock markets have led the gains, climbing 13% year-to-date, supported by Asian tech stocks [1][3] Group 2 - Record inflows into emerging market funds are pushing the MSCI Emerging Markets Index to new highs, with the Latin America index reaching its highest level since April 2018 [3][4] - The shift in capital from US assets is driven by a desire for diversification and reduced reliance on US Treasuries, as noted by TCW Group's CEO [3] - The iShares Core MSCI Emerging Markets ETF has attracted over $6.5 billion in January alone, potentially marking the largest monthly net inflow since its inception in 2012 [4] Group 3 - Emerging markets are seen as major beneficiaries of global growth, with a bullish outlook as opportunities in developed markets become limited [4] - The total market capitalization of emerging markets is approximately $36 trillion, about half that of the US market, which stands at $73 trillion [4] - Themes of "de-dollarization" and "fiscal extravagance" are re-emerging, which could positively impact emerging market risk premiums [5]