海外市场催化剂涌现 经过多年重仓美国大型科技股后，华尔街投资者正在加速将资金转向国际市场，这一转变源于美国股市 估值高企、美元走弱以及海外市场出现的新机遇，投资者押注美国市场的领先优势将收窄。 资金流向数据显示这一趋势正在提速。据华尔街日报周一报道，Morningstar Direct数据显示，1月份投 资者向国际股票ETF净流入516亿美元，月度流入规模自2024年底以来大幅跃升。 多个全球指数今年以来已超越美国主要基准指数，包括欧洲斯托克600指数、韩国综合指数和MSCI新兴 市场指数。去年，MSCI全球除美国指数以美元计价飙升29%，创下十多年来最佳表现，远超标普500指 数16%的涨幅。 这一轮资金外流与去年春季的"减持美国"交易有所不同。多数资产管理人士仍相信美国将引领全球股市 上涨，只是领先幅度可能不及近年来那么大。 估值与美元驱动资金外流 高估值和美元贬值成为推动资金流向海外的核心因素。美元自2022年高点已下跌约10%，通过提升外国 公司相对美国公司的盈利价值，增强了海外股票的回报率。 Truist Advisory Services首席投资官Keith Lerner表示："现在我们处于全球牛 ...

Core Insights - The strength of international equities ETFs is a significant market story for 2025, driven by investor interest in diversifying away from U.S. stocks and A.I.-driven concentration risks [1][2] - The performance of international equities ETFs in 2026 remains uncertain, but factors such as a weakening dollar and favorable foreign market conditions may support continued investor interest [3][4] Group 1: Market Dynamics - Investors are increasingly seeking foreign diversification to mitigate risks associated with the U.S. stock market, including a shifting yield curve and a declining dollar [2][3] - Many foreign markets have been more effective in managing inflation and are ahead of the U.S. in cutting cycles, making them attractive to U.S. investors [4] Group 2: Investment Strategies - The international equities space is diverse, with varying outcomes across different markets, suggesting that some markets may underperform while individual firms may thrive [5] - Active international equities ETFs, such as the T. Rowe Price International Equity ETF (TOUS), leverage fundamental research to identify investment opportunities, potentially outperforming passive ETFs in 2026 [6]

Core Insights - There is a significant shift of investor interest towards international equity ETFs, with $22 billion in net flows recorded in October, bringing total inflows for 2025 to over $150 billion and net assets to $2,014 billion [1][2]. Group 1: Market Trends - International equity ETFs now represent 14% of the total ETF marketplace as of October 31 [1]. - Despite market uncertainties such as tariffs and geopolitical tensions, investors are still attracted to international equities this year [2]. - The U.S. Federal Reserve's rate-cutting cycle is contributing to the movement towards international equities as the dollar depreciates [3]. Group 2: Performance Metrics - The MSCI ACWI Ex USA index, which tracks stocks in major developed and emerging markets excluding the U.S., has been outperforming the S&P 500 for most of the year [4]. Group 3: Investment Options - Thornburg offers two active international equity ETFs: Thornburg International Equity ETF (TXUE) for broad exposure and Thornburg International Growth Fund ETF (TXUG) for growth-focused investments [5][6]. - These actively managed ETFs leverage the expertise of the Thornburg investment management team to navigate the complexities of international markets [6].