Industry Notes / First-half 2026 review / Chapter 2 of 3 · Side-by-side
Is the money all going to the US
Overweight in stock is true; rotation at the margin is also true
Stock: US still heavy
- US ~2/3 of global equity benchmarks
- AI + earnings still attract capital
- Historic overweight to dollar assets
Margin: rebalancing starts
- Houses flag flows toward EM
- 2025 EM equity fund inflows hit a post-COVID high
- A 1-pt US underweight is large for smaller EM
US equities are about two thirds of global equity benchmarks. Yet several houses see marginal flows from crowded US assets into EM. The dollar is the master switch.
Source：Ashmore / T. Rowe / Wellington / J.P. Morgan 等公开再平衡观点；EM ETF 流入公开统计
Research notes, not investment advice.