The Role of US Stocks in Global Asset Allocation Reshaping in 2026

Against the backdrop of profound changes in the global economic landscape, the positioning of US stocks as a core global asset is undergoing subtle changes in 2026. Investors need to reassess the allocation value of US stocks from a global perspective and build a more balanced asset portfolio.

Relative Advantage Analysis:

American companies continue to lead in technological innovation and business model iteration, particularly in cutting-edge fields such as artificial intelligence and biotechnology. The international status of the US dollar and the depth of the US capital market still support US stocks, continuing to play the role of a "safe haven" during times of high global uncertainty. Corporate governance standards and the culture of shareholder returns remain important sources of attractiveness for US stocks.

Challenges and Pressures:

Valuation premium issues will continue to exist, with US stocks, especially technology stocks, significantly overvalued compared to other major markets. Geopolitical risks may affect the global operations of American multinational companies, and supply chain restructuring increases cost pressures. Investment opportunities in other markets create a diversion effect, especially as emerging markets in Asia show signs of catching up in certain technology sectors.

Allocation Suggestions:

It is recommended to treat US stocks as the core holding of a global portfolio, but the allocation ratio needs to be dynamically adjusted based on valuation levels. Focus on those American companies that have global competitiveness and can benefit from a multipolar world structure. At the same time, diversify geopolitical and exchange rate risks by allocating high-quality assets from other markets.