Katie Martin

What are the ramifications of me selling down a holding, for example, in a company that is on Trump's good list, if you like?

So there's a whole bunch of reasons why investors outside of the United States are saying we need to

hedge our dollar exposure and we need to diversify.

There's a lot of investors who have just mechanically churned 60, 70% of their equity exposure into the US just because that's how big it is in the global indices.

And maybe that number is too high.

So maybe they need to put more money to work in Asia, in Europe.

And by the way, those markets had an absolutely fantastic run in 2025.

So people are thinking very, very differently about what it means to invest in the US and how risky that is and what they want to be compensated for it.

It's certainly part of it.

And look,

You can't avoid the US and you can't avoid US markets.

They are just so much bigger than European markets.

You can fit the whole of the FTSE 100 index just inside Apple multiple times in terms of the market cap.

It's important to bear in mind just the sheer size of this thing.

The entrances into European markets, for example, are much, much narrower.

And that's why when you have not even a huge crowd moving into European markets, but just more people than usual moving into European markets, you get gigantic moves.

So you look at the performance of Spain last year, for example, I think it added 50% in euros or 70% in dollars.

Some of the moves here are incredibly substantial.

But it's exactly as you say, I think it's very tempting to paint this whole phenomenon as sell America.

It's not quite sell America.