Is the world finally catching Up? After reaching historic lows in late 2024, non-U.S. equities roared back in early 2025 — outpacing U.S. equities by one of the widest margins in years. The rally persisted even as trade concerns eased in April, signaling a potentially more durable shift. For U.S.-centric portfolios, this may be a cue to rethink global diversification strategies and reduce concentration risk going forward.