International stocks continue to outperform US stocks, even with the most recent v-shaped rally in the S&P 500. Our calls remains that this is a good opportonity to take down S&P 500 centric over-allocation in portfolios and add exposure to LATAM , Europe and Asian equities. At the margin flows are coming out of S&P 500 stocks and into global equities as a matter of rebalancing giant portfolios around the globe.