The money is moving, and not just on TikTok
Marsh’s 2026 Global Asset Owner Barometer surveyed 430 asset owners managing more than $5.76 trillion, and the vibe is pretty clear: the biggest US investors are trimming their US equity overweight.
That doesn’t mean they’re running for the exits like the floor is on fire. It’s more like taking some chips off the table after a long poker night. Andrew McDougall, who runs US investments, said large funds are harvesting some profits and reallocating into emerging and international markets.
Why you should care
When giant pools of capital start rotating, it can change the market mood fast. The US has been the default winner for ages, so even a modest shift away from domestic stocks can matter for valuations, sector leadership, and which regions get the next wave of flows.
- US equities are still in the game, just less dominant in these portfolios.
- Emerging and international markets are getting more love, which could support those regions if the trend sticks.
- For US stocks, the message is basically: great run, but maybe don’t get too comfortable on the throne.
Big picture
This is less a panic signal and more a portfolio rebalancing tell. But when the biggest investors start saying “thanks for the gains,” the rest of the market usually pays attention.