Despite increasing discussion about investors rethinking their holdings, Yardeni Research indicates there’s no definitive evidence of a widespread “Sell America” trade. This contrarian investment strategy, predicated on the belief that the period of American economic and market dominance is concluding, gained momentum in late 2024 and throughout 2025. The consensus suggested global investors were divesting from US stocks and bonds to increase their holdings in European, Japanese, and emerging markets. Some point to rising precious metal prices and a weakening US dollar as further validation of this trend.
However, Yardeni Research’s analysis presents a different picture. While foreign official accounts did sell approximately $US51 billion in US securities over the 12 months leading up to November 2025, private foreign accounts invested heavily in US capital markets, purchasing a net $US1.5 trillion, nearing recent record highs.
Specifically, private foreign investors acquired approximately $US664 billion in US equities and a substantial $US949 billion in US bonds during the same period. These figures challenge the notion of a broad-based exodus from the US market, suggesting continued confidence from private international investors in American assets.
