As we’ve mentioned in the last newsletter, we thought International Markets would outperform U.S. Markets if Biden were to win the presidency. As we type this now, since the election, the S&P 500 is up 6.5% while International Markets (as measured by IEFA) are up 11.8% and emerging markets (as measured by IEMG) are up 21.5%.
One month is not necessarily a trend, but something to keep an eye on.