Recently, global investors have reignited the ‘Sell America’ trade—a strategy primarily involving reducing exposure to U.S. equities, bonds, and other dollar-denominated assets, while increasing allocations to non-U.S. markets such as Europe, Japan, or emerging economies. Key drivers include expectations of slowing U.S. economic growth, the Federal Reserve’s interest rate hikes nearing an end yet remaining elevated, an overvalued U.S. dollar, and geopolitical risks prompting portfolio diversification.Moreover, some institutional investors argue that after a prolonged bull run, U.S. equity valuations appear stretched, making other regions more attractive. For instance, European and Japanese equities offer lower valuations and improving corporate earnings, supported by increasingly accommodative monetary policies from their central banks. Additionally, early signs of de-dollarization have led certain sovereign wealth funds and central banks to gradually reduce reliance on U.S. dollar assets.However, ‘Sell America’ does not imply a complete exit from U.S. markets but rather a tactical rebalancing. The U.S. economy remains fundamentally resilient, with strong earnings from tech giants, and the dollar’s role as the dominant global reserve currency is unlikely to be challenged in the near term. As such, investors are proceeding cautiously, avoiding significant deviations from benchmark allocations. Overall, this trend reflects a reassessment of global risk-reward dynamics and signals a potential shift toward more diversified asset allocation strategies.
近期，全球投资者再次掀起‘抛售美国’（Sell America）的交易热潮。这一策略主要表现为减持美国股票、债券及其他美元资产，转而增持非美市场资产，如欧洲、日本或新兴市场的股票和本币债券。推动这一趋势的核心因素包括：美国经济增长放缓预期增强、美联储加息周期接近尾声但利率仍处高位、美元估值过高，以及地缘政治风险促使资金寻求多元化配置。此外，部分国际机构投资者认为，美国股市经过长期上涨后估值偏高，而其他地区市场更具吸引力。例如，欧洲和日本的企业盈利改善、估值较低，加之当地央行货币政策趋于宽松，提升了这些市场的投资价值。同时，随着全球去美元化趋势初现端倪，一些主权基金和央行也在逐步减少对美元资产的依赖。不过，‘抛售美国’并非意味着完全撤离美国市场，而更多是一种战术性再平衡。美国经济基本面仍具韧性，科技巨头盈利强劲，美元作为全球储备货币的地位短期内难以撼动。因此，投资者在调整仓位时仍保持谨慎，避免过度偏离基准配置。总体来看，这一交易策略反映了全球资本对风险收益比的重新评估，也预示着未来资产配置或将更加多元化。
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