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      "text": "U.S. equities have largely outperformed the rest of the world (RoW), with the S&P 500 expanding its share of global market cap during that time.",
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      "text": "Source: Bloomberg, MSIM. As of January 21, 2025. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "Over the past decade plus, U.S. equities have largely outperformed the rest of the world (RoW), with the S&P 500 expanding its share of global market cap during that time. However, there is fundamental basis for the outperformance, since earnings growth in the U.S. has consistently outpaced ex-U.S. regions over the same timeframe.",
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