September 8, 2023
Even after their outperformance so far in 2023, international stocks (MSCI EAFE) continue to trade at an appealing discount relative to U.S. stocks (MSCI USA) as of June 30. Such discount levels have historically preceded positive relative returns for international vs. U.S. stocks, indicating—in our opinion—that now may be a good time to allocate to international equities.