Buy international

US exceptionalism continues to be challenged — not just geopolitically, but also in financial markets. According to the widely followed Bank of America Global Fund Manager Survey, fewer than one in four institutional investors now expect US equities to be the best-performing asset class over the next five years.

Instead, 54% see international stocks leading the way. Remarkably, 13% of investors still believe in gold despite the strong performance. Confidence in traditional fixed income remains subdued, with just 5% of investors favouring bonds.

At ECP, we remain humble. Market narratives shift — from "US dominance" to "rest of world resurgence" — but our focus stays constant: identifying undervalued earning power, wherever it resides.