While tariff uncertainty remains a source of consternation for US stocks, Portfolio Manager and Senior Research Analyst Julien Albertini notes that other factors may also have contributed to the significant year-to-date outperformance of non-US equities. Notably, he thinks diverging fiscal outlooks in the US compared to Europe and China—a “detox period” in the former versus a loosening of the purse strings in the later—may have prompted a repricing of equities along regional lines.