US vs Non-US Equities - November Asset Allocation Call [video + AI summary]

  • Speakers: Scott Freeman (Director of Asset Allocation) and Jonathan Petersen (Chief Markets Economist)
  • We have expanded our Asset Allocation Engine to incorporate non-US equities. Today, the engine favors US equities over non-US equities (both EM and DM ex-US) given the current "neutral" macro regime and moderate liquidity headwinds.
  • Within US sectors, VP Fair Value favors Communication Services and Staples and dislikes Financials and Industrials. 
  • Our fair value models also prefer US large caps over small caps, with our base case being continued small cap underperformance in 2025. 

Link to Asset Allocation dashboard. 

Asset AllocationMarket DiscussionEquitiesUSDMEMSmall Caps

VP Research