Year-to-date, the S&P 500 is up 8.5% and at the beginning of this week printed a new all-time high.
Thanks to the index’s relentless march higher, over the past ten years US equity investors have been well rewarded, but the same can’t be said for other investor groups around the world.
While the S&P 500 has smashed record after record, international markets have struggled. This trend has only intensified in recent months.
There has been an extreme divergence between US equities and those in the rest of the world since the beginning of the year. According to analysts at Credit Suisse, the performance gap peaked at 17 percentage points in mid-December.