Harding Loevner, an asset management company, released its “Global Equity Strategy” fourth-quarter 2025 investor letter. For most of the past 15 years, US equities not only outperformed but created a perception of inevitability around their outperformance. This phenomenon, termed "US exceptionalism," highlighted exceptional earnings growth, valuations, and a concentration of returns, particularly around AI investments. With market leadership concentrated, the US index is vulnerable to limited outcomes. In contrast, the portfolio consists of a broader range of business models and growth...
Create a free account, or log in to read the full article
No credit card required.
We may use your email to send marketing emails about our services. Click here to read our privacy policy.