The Flip Side Is US equities exceptionalism finally cracking?
After more than a decade of US equity dominance, international markets made a rare comeback in 2025. Europe, Japan, Emerging Markets and the UK outperformed, the majority of global equity flows went outside the US, and investors began to revisit long‑standing assumptions around US equities exceptionalism.
Was this simply a cyclical reset after years of US outperformance, or the start of a more durable shift in global equity allocation?
In this episode of The Flip Side, our Global Head of Research, Brad Rogoff, is joined by our Head of European Equity Strategy, Emmanuel Cau, to debate what drove last year’s rotation, whether it has further room to run, and how investors should think about diversification in 2026.
Clients of Barclays Investment Bank can read more on our view on equities with our latest reports on Barclays Live, including: