Using official MSCI World ex USA (gross) and S&P 500 price returns, ex-US beat US by ~16 pts in 2025.
Largest ex-US outperformance spread since 2008.
Leadership rotation or dollar effect?
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Using official MSCI World ex USA (gross) and S&P 500 price returns, ex-US beat US by ~16 pts in 2025.
Largest ex-US outperformance spread since 2008.
Leadership rotation or dollar effect?