The Case for International Equities

by Kevin DiCiurcio, CFA; Ian Kresnak, CFA; Kelly Farley; and Luigi Charles of Vanguard Research

"U.S. equities outperformed their international counter-parts by 8 percentage points per year on average over the 10 years ended December 31, 2019. However, our proprietary Vanguard Capital Markets Model (VCMM) suggests that this outperformance is unlikely to persist over the next 10 years. This paper outlines our framework for assessing equity returns, uses that framework to explain historical U.S. and international equity returns, contextualizes the 10-year outlook in VCMM using the drivers of past returns, and highlights the implications for investors’ portfolios."

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The Case for International Equities

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