… business-friendly government and legal framework, and sophisticated capital markets, is a long-term return dynamo. Even we would agree that a substantial allocation to our home market …

… developed to meet the needs of investors seeking a combination of participation in the long-term capital appreciation of equity markets, albeit with reduced swings in short-term …

… no different. Diversification anyone?    Relatively expensive mega-cap technology stocks and healthcare companies dominate U.S. indexes, while international sectors tilt toward cyclicality … 2009. Commensurately, this helped the duration-heavy U.S. market outperform for an unusually long time.  While it is true that inflation has begun to fall from its highs and central banks … this will be supportive of value going forward, and therefore a tailwind for disciplined, long-term focused active managers in general, and for international markets in particular. …