---
title: "Citigroup Survey: Global Asset Management Giants Escape \"American Exceptionalism,\" Non-U.S. Stocks Become New Favorites"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/233412629.md"
description: "Citigroup's latest report shows that global large asset management institutions are reducing their investments in U.S. stocks and shifting towards more favorable international stocks, especially in Europe, the UK, and emerging markets. Fifteen institutions managing over $20 trillion in assets have reduced their holdings in U.S. small-cap stocks while slightly lowering their allocation to U.S. bonds. Despite a decrease in long positions in the U.S. dollar, asset management institutions remain optimistic about the Japanese yen and have increased their allocations to the euro and the British pound. Overall, institutions are overweight in stocks and are beginning to increase their bond holdings to hedge against tariff risks"
datetime: "2025-03-27T07:57:21.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/233412629.md)
  - [en](https://longbridge.com/en/news/233412629.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/233412629.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/233412629.md) | [English](https://longbridge.com/en/news/233412629.md)


# Citigroup Survey: Global Asset Management Giants Escape "American Exceptionalism," Non-U.S. Stocks Become New Favorites

According to the latest report released by Citigroup, global large asset management institutions are reducing their "exceptionalism" positions in the U.S., reassessing U.S. stocks, and are more optimistic about the prospects for international stocks.

The report shows that 15 large institutions managing over $20 trillion in assets have recently reduced their allocations to U.S. stocks and small-cap stocks, while increasing their holdings in stocks from Europe, the UK, and emerging markets (excluding China). The allocation to U.S. bonds has also slightly decreased, but the overall interest rate outlook remains largely unchanged.

Gold, the U.S. dollar, and small-cap stocks continue to be the market consensus overweight categories, while Japanese government bonds and U.S. investment-grade bonds are the main underweight targets.

In the commodities sector, the outlook for energy and base metals has improved, and the overweight position in gold has seen a slight reduction, but it remains favored. In the foreign exchange market, long positions in the U.S. dollar have decreased, but overweight remains the consensus, with asset management institutions continuing to be optimistic about the Japanese yen, and allocations to the euro and pound have increased.

Citigroup analysts point out that due to the uncertainty surrounding the upcoming tariff impacts, there are significant divergences across asset classes. Overall, asset management companies still overweight stocks and have recently begun to increase their bond holdings to hedge against tariff risks. The report also emphasizes that UK government bonds and U.S. stocks currently have the highest beta values, while U.S. investment-grade bonds and real interest rate products have beta values at historical lows.

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- [Citigroup (C.US)](https://longbridge.com/zh-HK/quote/C.US.md)

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