Developed ex-US equities

August 2025

In this paper, we examine the composition of developed markets outside the United States and compare them to the US, as well as changes over time.

We analyze the case for investing in developed ex-US markets, as well as explore the complex intricacies of these markets including volatility and currency exposure. We conclude by navigating the question of implementation, including the role of active and passive managers. Though the diversification benefits appear to have decreased since earlier decades, investments in these markets can play a role in most equity portfolios.

View white paper

Back to Basics: From Core to Clarity

Our Back to Basics series helps bring clarity to asset classes. This edition looks at developed markets outside the US, representing over a quarter of global GDP and equity market capitalization, highlighting how they differ from domestic markets and the role they can play in portfolio diversification. In this video, Frank Benham introduces the primer and why its so important now to go back to basics.