Is Your Money Still Safe in the U.S.?

Given how much is in the headlines right now regarding the U.S. economy, shifts in the bond market, and the moves other countries are making to diversify away from U.S. assets, I wanted to share how we're observing this shift in the macro market.

Earlier this year, we saw a genuine geographical rotation - international equities outpacing U.S. flows for the first time since 2023, capital moving toward Europe, Japan, and emerging markets, and no shortage of headlines calling it a "new world order" away from U.S. dominance.

This rotation has already partly reversed course with U.S. equities pulling in some of the strongest flows of the year through the summer, while American markets still account for the largest share of global capital by a wide margin.

What's really going on isn't a stampede out of the U.S., it's a rebalancing. Global capital is being spread out a bit more evenly after years of concentrating almost entirely in a small handful of U.S. companies.

It's also worth separating "U.S. market" from "U.S. company." A large share of the biggest American businesses generate much of their revenues outside the U.S. through Europe, Asia, and emerging markets just as much as they generate revenues domestically. So even a portfolio that's diversifying away from U.S.-listed concentration is often still riding the same global growth engines, just through a less concentrated, less mega-cap-dependent structure.

That's the same thinking behind how we construct portfolios here. We have been and continue to be intentionally underweight U.S. equities relative to a traditional global benchmark. We would rather own a broader slice of the world than be overly reliant on a small group of U.S. companies carrying the load.

But note that underweight doesn't mean zero.

We're not exiting U.S. positions or running for the hills. The U.S. still remains a dominant piece of our portfolio — just not the only piece.

None of this means your investment assets are immune to swings, up or down. It isn't, and it shouldn't be. Rather, this the trade-off for long-term growth.

It also doesn't mean that every time there is headline noise within the current environment, we undertake sweeping asset allocation changes. Portfolios are already structured for exactly this kind of uncertainty. What we're doing is watching things closely and staying disciplined.

I last wrote about timing the market and the "impending market crash" was December 4th, 2025. You can access this article HERE. The article was written tongue-in-cheek to address those who felt we were on the cusp of a crash (timing the market), followed by a recommendation to stay the course. Markets are, of course, up over 10% since that time.

We don't take any of this lightly. On paper, we manage money. In reality, we manage a lot more than that — a down payment on a first home, a child's education, a retirement date, the kind of legacy someone wants to leave behind.

That's the responsibility sitting behind every decision we make, and it's exactly why we don't react to headlines or chase what's trending.

We continue to monitor our holdings on an almost daily basis to evaluate if the reasons we bought them in the first place remain true today.