The world’s largest wealth manager just made a significant change to its $2 trillion portfolio — and it’s a wake-up call to anyone invested in US stocks

Haefele said he expects global stocks to continue to benefit from an enabling economic environment. US stocks already have in torrid fashion: The 16% rally in the S&P 500 since the beginning of the year — and 25% since the Christmas Eve low — show that US investors are optimistic, he said.

However, the rally has made US stocks more expensive relative to their historical average, further increasing the appeal of cheaper EM and Japanese stocks. That's why Haefele said he expects global stocks to be the biggest beneficiaries of this enabling environment going forward as they have not yet rallied to price in the outlook.Haefele is far from the only investor scouting for greener pastures outside the US and urging investors to do the same.

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