Foreign Investors Equity Allocation Percentile vs. History In 2025, foreign investors substantially increased their holdings of U.S. equities, reaching record levels despite stretched valuations, a weakening dollar and better returns abroad. Image: Goldman Sachs Global Investment Research
Gold Expanding Share of Global Foreign Exchange + Gold Reserve Holdings With gold now making up 30% of global foreign exchange and gold reserves, the metal is stealing back the spotlight—a clear sign of how fragile faith in fiat has become. Image: Deutsche Bank
Foreign Investor Ownership Share of U.S. Equity Market With foreign investors holding a record 18% of U.S. stocks, they are chasing the American dream, piling into U.S. equities on hopes that President Trump keeps the bull run alive. Image: Goldman Sachs Global Investment Research
Aggregate Financial Asset Allocation Among Households, Mutual Funds, Pension Funds, and Foreign Investors Investor allocation to equities has reached an all-time high, driven by retail enthusiasm and strong performance. However, rising valuations and concentrated leadership call for careful risk management. Image: Goldman Sachs Global Investment Research
S&P 500 Cyclical-Adjusted P/E Ratio vs. Net Private Foreign Inflows to U.S. Equities If foreign capital inflows weaken or reverse, U.S. stock valuations could come under downward pressure as investors reassess risk amid high prices and seek alternatives. Image: Bloomberg
S&P 500 Foreign Revenues by Sector S&P 500 companies derive 28% of their total revenues from foreign markets — a figure that has remained relatively stable in recent years. The remaining 72% is generated domestically within the United States. Image: Goldman Sachs Global Investment Research
Share of U.S. Corporate Profits from Foreign Markets Foreign markets account for 13% of US corporate profits, while emerging markets contribute 4%. Yet, trade uncertainties and recent tariffs may threaten these contributions moving forward. Image: Goldman Sachs Global Investment Research
Foreign Revenues of S&P 500 Companies While S&P 500 companies are broadly exposed to global markets, the majority of their sales—and thus, much of their operational and macroeconomic risk—remains tied to the U.S. economy. Image: Goldman Sachs Global Investment Research
Foreign Ownership of U.S. Equities by Region European investors, major holders of U.S. stocks, could impact valuations if trade tensions rise, potentially shifting focus to European markets benefiting from fiscal stimulus and increased defense spending. Image: Goldman Sachs Global Investment Research
Liquidity – Securities Held in Custody at Fed for Foreign Official Accounts Should markets be worried about a new international liquidity crisis? Image: Gavekal, Macrobond
Germany Foreign Trade Balance Germany recorded its first trade deficit in goods since 1991. Could the euro fall further? Image: BofA Global Investment Strategy