As fund managers pull back from US equities at an unprecedented pace, shifting sentiment is reshaping global portfolios. With renewed pressures from tariffs and inflationary concerns, investors are reassessing their allocations—raising the question: is this the beginning of a new market cycle?

Could the UK, Europe and emerging markets emerge as the primary beneficiaries, or do fresh risks lie ahead? Explore the key drivers behind this rotation, potential opportunities, and the challenges shaping equity markets in the months to come.