The U.S. still dominates world indices, but when we compare the S&P 500 to the MSCI All Country World Index (ACWI), the S&P had a significant breakout in 2015 from a 17-year trading range. The U.S. equity market is still in the early stages of leading global indices. As the global economy expands its digital footprint, we believe U.S. companies will spearhead the development of new technologies, particularly in the burgeoning field of Artificial Intelligence. We do see select opportunities to invest overseas, but the U.S. will maintain its leadership, in our view.





