Core Viewpoint - Non-US markets have significantly outperformed US equities, prompting investors to reconsider their international exposure strategies as emerging markets and developed international markets show strong performance [3][5][8]. Market Performance - International equities have outperformed US stocks by approximately 15% since November 2024, with a notable gap of 8 percentage points in January 2026 compared to the S&P 500 [3][8]. - The S&P 500 has declined by 1.6% in 2026, while emerging markets have risen sharply, indicating a shift in market dynamics [5]. ETFs Overview - Three ETFs are highlighted as key investment vehicles for gaining international exposure: - **iShares Core MSCI Emerging Markets ETF (IEMG)**: - Holds $148.6 billion in assets with a low expense ratio of 0.09% - Up 7.2% year-to-date and 33% over the past year, with major holdings in Tencent, Samsung, and HDFC Bank [2][9][10]. - **Fidelity Fundamental Emerging Markets ETF (FFEM)**: - Actively managed with a 0.60% expense ratio, focusing on technology and financial sectors - Up 9.8% year-to-date, with Taiwan Semiconductor making up 14% of the portfolio [2][11][12]. - **Fidelity International Value Factor ETF (FIVA)**: - Targets developed international markets with a value tilt, yielding 2.3% and an expense ratio of 0.18% - Up 3.4% year-to-date and 31% over the past year, with holdings in companies like ASML and Nestle [2][13][14]. Investment Considerations - The performance of international equities is driven by structural factors such as a weaker US dollar, attractive valuations, global growth, and increased European defense spending [3][8]. - Investors are advised to consider the trade-offs associated with each ETF, including currency risk and the potential for volatility in emerging markets [15][16].

Market Cycle Analysis - Atoria Portfolio Advisors 认为市场已进入新周期，与普遍观点不同 [1] - 过去 25 年，美联储降息通常预示着新的市场周期 [2] - 美联储去年已降息四次，今年也有几次降息 [2] Asset Class Performance - 新兴市场今年上涨 27% [2] - 发达国际市场上涨 27% [3] - 黄金价格上涨 54% [3] - Atoria Portfolio Advisors 的 PPI ETF 上涨 24% [3] - 银行板块上涨 19%，受益于更陡峭的收益率曲线和更高的利率 [3] - XLI (工业精选板块) 上涨 17% [3] - 多个板块和资产类别的表现明显优于标准普尔 500 指数 [3] Investment Strategy - 投资者需要调整投资组合以适应新的市场环境 [4] - 过去五年主要集中于大型科技股和成长股 [4] - 长期来看，结构性通胀将高于以往，目前仍比美联储 2% 的通胀目标高出 50% [5] - 如果要回到 2% 的通胀目标，美联储需要加息，但他们正在做相反的事情 [5]