ACWI - A Changing Tide Supports International Investing

• An analysis of aggregate growth and returns outside versus inside the United States provides some insight into the performance differential we have seen over the past decade.
• Specifically, returns (as measured by ROIC) of non-U.S. companies are approximately 30% better than those of U.S. companies.
• The outlook for growth in key industries is very attractive and, we believe, will result in accelerating demand and emerging business models abroad.
• IT services, digital payments, and renewables are examples of industries in which growing demand and the emergence of new business models drive a stronger growth outlook abroad.

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