International Investing: Opportunity Overseas?

For the past decade, U.S. 美国股市的表现远远优于外国股市,这在很大程度上是由于美国股市走强.S. recovery after the Great Recession. In general, U.S. 为了应对不断变化的商业动态,公司已经变得更加灵活和创新, 而日本和许多欧洲国家的人口老龄化减缓了经济增长.1



Despite these challenges, 一些分析人士认为,随着其他国家比美国更快地从COVID-19的影响中恢复过来,外国股市可能会出现反弹. On a more fundamental level, 与估值极高的美国股票相比,外国股票的较低估值可能使它们成为一个潜在的交易对象.S. stocks.2–3

Global Growth and Diversification

全球投资提供了获得美国以外增长机会的途径, while also helping to diversify your portfolio. 国内股票和国外股票的表现往往每年都不同,而且在较长的时间内也不同(见图表)。. 虽然一些积极的投资者可能会根据近期或中期策略在国内和国外股票之间转移资产, 对大多数投资者来说,最明智的做法是为一项长期战略确定一个适当的国际股票配置.


Domestic vs. Foreign

过去20年里,新兴市场股市的表现一直优于美国股市.S. stocks but have been much more volatile. 在20年的时间里,美国以外的发达经济体的储存量低于美国国内的储存量, but have outperformed in nine of those 20 years.

Stock performance, annual total returns

Annual total returns (rounded figures): U.S. stocks were minus 12% in 2001, minus 22% in 2002, 29% in 2003, 11% in 2004, 5% in 2005, 16% in 2006, 5% in 2007, minus 37% in 2008, 26% in 2009, 15% in 2010, 2% in 2011, 16% in 2012, 32% in 2013, 14% in 2014, 1% in 2015, 12% in 2016, 22% in 2017, minus 4% in 2018, 31% in 2019, and 14% in 2020. Developed ex U.S. were minus 21% in 2001, minus 16% in 2002, 39% in 2003, 21% in 2004, 14% in 2005, 27% in 2006, 12% in 2007, minus 43% in 2008, 32% in 2009, 8% in 2010, minus 12% in 2011, 18% in 2012, 23% in 2013, minus 4% in 2014, minus 0.2015年39%,2016年2%,2017年26%,2018年13%,2019年23%,2020年3%. Emerging markets were minus 2% in 2001, minus 6% in 2002, 56% in 2003, 26% in 2004, 35% in 2005, 33% in 2006, 40% in 2007, minus 53% in 2008, 79% in 2009, 19% in 2010, minus 18 in 2011, 19% in 2012, minus 2% in 2013, minus 2% in 2014, minus 15% in 2015, 12% in 2016, 38% in 2017, minus 14% in 2018, 19% in 2019, 11% in 2020

资料来源:Refinitiv, 2021年,2000年12月31日至2020年12月31日期间. U.S. stocks are represented by the S&P 500 Composite Total Return Index, 摩根士丹利资本国际EAFE GTR指数代表发达国家(不包括美国)的股票, and emerging market stocks are represented by the MSCI EM GTR Index; all are considered representative of their asset classes. 非管理指数的表现并不代表任何特定投资的表现. Individuals cannot invest directly in an index. 回报率会随时间而变化,尤其是长期投资. Past performance is not a guarantee of future results. Actual results will vary.


A World of Choices

参与全球市场最便捷的方式是投资于共同基金或交易所交易基金(etf)——可供选择的品种有很多. 2021年第一季度,专注于全球股市的共有1400多只共同基金和600只etf.4

International funds range from broad, 试图捕捉全球经济活动的全球基金、区域基金和专注于单个国家的基金. Some funds are limited to developed nations, 而其他人可能会关注新兴经济体.

The term "ex U.S.或“不包括美国股票”通常意味着该基金不包括国内股票. 另一方面,“全球”或“世界”基金可能包括美国投资组合.S. 还有国际股票,其中一些在两者之间的比例相当. 这些基金提供了内在的多元化,可能适合于那些希望在美国市场上平衡一些海外市场敞口的投资者.S. stocks. For any international stock fund, 了解基金中证券所代表的国家组合是很重要的.

Additional Risks and Volatility

所有投资都会受到市场波动、风险和本金损失的影响. However, 国际投资会带来额外的风险,比如财务报告的差异, currency exchange risk, 以及特定国家特有的经济和政治风险. 新兴经济体可能比发达经济体提供更大的增长潜力, 但位于新兴市场的公司股票的波动性可能要大得多, risky, 而且流动性不如国外发达市场公司的股票.

Diversification is a method to help manage risk; it does not guarantee a profit or protect against loss. The return and principal value of all stocks, mutual funds, and ETFs fluctuate with changes in market conditions. 股票出售时,其价值可能高于或低于最初的成本. ETF股票的供求关系可能导致它们相对于标的股票的价值溢价或折价交易.

Mutual funds and ETFs are sold by prospectus. 请在投资前仔细考虑投资目标、风险、费用和费用. The prospectus, 里面有关于投资公司的这个和其他信息, can be obtained from your financial professional. 在决定是否投资之前,一定要仔细阅读招股说明书.