That sound you hear is global investors giving Europe and emerging markets the Gluck Gluck 9000.

After years of worshiping at the altar of the S&P 500, investors are now tossing U.S. stocks aside like J-Lo’s ex-husbands… and making eyes at anything labeled “ex-U.S.”

According to Societe Generale, investors just poured a record $175 billion into global equity funds excluding the U.S….more than went into those that include it. Translation: money managers are basically saying, “I love you, but I need to see other markets.”

And who can blame them? The S&P 500’s more top-heavy than a Kardashian after a visit to Dr. Miami. The “Magnificent Seven” basically are the index at this point… everyone else is just standing in the background holding a clipboard.

(Source: Financial Times)

Meanwhile, overseas markets (from London to Tokyo to Sao Paulo) are pulling a full Captain America transformation. They went into the machine as scrawny Steve Rogers and came out absolutely yoked. European ETFs alone packed on $71 billion in inflows by late September, up from just $16 billion last year.

Jim Caron at Morgan Stanley says the shift is “a rebalancing,” which is every hedge fund in America politely saying, “We’re tired of paying 35x earnings for companies that haven’t invented a new idea since the iPhone.”

And if you’re wondering what kind of stocks these global Casanovas are chasing… it’s value. Not AI-powered, holographic, meme-stock “growth.” No, they want stable, dividend-paying, cash-flow-positive grown-ups… banks, energy, industrials. The kind of companies that still care about P&L statements and don’t spend $20 billion poaching AI engineers (looking at you, Zuck).

And in case you’re wondering how big of a shift this is… T. Rowe Price’s Sebastien Page called non-U.S. value stocks “one of the best-performing asset classes year-to-date.” Meaning: Europe’s financials and Japan’s small cap toys are finally getting taken out of the closet and played with again.

Still, there’s a bit of “where else are you gonna go?” energy in the air. As Morningstar’s Kenneth Lamont put it, “The U.S. is still the deepest, most dynamic market in the world.” Which is a fair point… but after Trump’s “liberation day” tariffs and a dollar that’s dropped 10%, it’s no wonder investors are dipping a toe outside the pool.

At the time of publishing this article, Stocks.News doesn’t hold positions in companies mentioned in the article.