Julian McManus, portfolio manager at Janus Henderson Investors, observes growing investor interest in international equities as concerns mount over the dominance of the Magnificent Seven U.S. tech giants, encouraging diversification away from American stocks. The MSCI ACWI ex-US index has risen over 8% year-to-date, outperforming the S&P 500’s 6.8% gains. McManus warns against excessive concentration in U.S. tech stocks, which now represent nearly half of the index. Among his preferred markets, he highlights European and Japanese banks, Samsung Electronics, Tencent, CATL, as well as defense and healthcare sectors.
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