Highlights

• While the US remains "Mixed", equities ex-US continue to show standout resilience.
• We expect that a year from now, we will have more conclusive evidence that the leadership baton was passed on to non-US markets. 
• That said, the near 15-year trend in US outperformance is only just barely under threat currently, so those who pile into non-US markets now are likely to be frustrated by a series of "starts and stalls".

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