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2025-10-10 20:46:50
[Global capital shift: $152 billion flees US growth stocks] ⑴ Institutional data show that in the first three quarters of 2025, US growth funds saw outflows of $152 billion, equivalent to the total outflow for the whole of last year, despite the S&P 500 index repeatedly hitting new highs. ⑵ Value stocks are favored due to their low valuations and stable dividends, and funds are flowing into non-US markets at an accelerated pace. The MSCI EAFE Value Index has significantly outperformed the growth index this year. ⑶ Institutions managing $6 trillion in assets are adjusting their allocations, preferring value stocks and small-cap stocks in Europe, Japan and emerging markets, believing that their valuations are more attractive. ⑷ US growth stocks are facing significant valuation pressure, with tightening fiscal policy and weakening cash flow forecasts weakening their relative attractiveness. ⑸ Significant differences in industry distribution: value stocks are concentrated in traditional fields such as finance and energy, while growth stocks are dominated by technology and artificial intelligence giants. ⑹ Despite continued capital outflows, US growth stocks, supported by artificial intelligence and stock buybacks, still maintain relative advantages in short-term performance.
