Group 1 - European and Asian investors have injected a record $2.5 billion into non-U.S. global equity funds from December last year to April this year, with over $2.1 billion flowing in during the last three months alone, marking a reversal of a three-year trend of net outflows [1][4] - The surge in demand for non-U.S. equity funds has prompted institutions like BlackRock, DWS, and Amundi to launch new ETFs, indicating a shift in investor sentiment towards non-U.S. markets [3][4] - Kenneth Lamont from Morningstar noted that the role of the U.S. in the global economy is being questioned, with sustained outflows from the U.S. market for the first time in years [3][4] Group 2 - Historically, U.S. stocks attracted foreign investors, but from 2022 to 2024, there was a net withdrawal of $2.5 billion from non-U.S. equity funds, while the MSCI World ex-USA index rose only 7% compared to a 25% increase in the S&P 500 [4] - Concerns over Trump's proposed tariffs have led to a rapid recovery of funds into non-U.S. equity funds, reversing previous outflows within five months [4][6] - The inflow into non-U.S. equity funds is partly attributed to European investors' "patriotic rebalancing" and the relatively high valuations of non-U.S. stocks, as well as a desire for portfolio diversification [6]