May 1, 2026 · 26 min · 18 segments
Asia mutual fund pioneer Mark Headley has come out of retirement to rebuild his old firm and reinvest in the region, as well as other emerging markets. Why he believes the time is right to pivot to…
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I began the conversation by asking Headley how seriously he was taking the somewhat tongue-in-cheek concept of the Anywhere But America trade.
I take international diversification [laughs] very seriously, obviously, having been in the business for a long time.
And my own portfolio is underweight the US, uh, o- overweight Europe, and, and very overweight Asian emerging markets.
And, uh, you know, last year was the first year in a long time that that worked [laughs] and it, and it worked pretty well.
Uh, I, I, I think the tariff situation and the correction around then, the, uh, the weakness in the US dollar were the kind of things that I, I saw mention of this Anywhere But America trade, and I just thought that, you know, the US audience needs to think about these things.
Um, great bull markets have a way of erasing kind of rational diversification, and success, uh, has led to most people and, and, and investors from all over the world being overweight the US market.
And these trends can change, and that's really what I wanted to say with that piece, is trends can change, and they can change meaningfully and for a long time.
Is your portfolio massively overweight the US at, at what could, not will be, I'm not predicting that, but what could be the top of a, about a 15-year bull market?
I began the conversation by asking Headley how seriously he was taking the somewhat tongue-in-cheek concept of the Anywhere But America trade.
I take international diversification [laughs] very seriously, obviously, having been in the business for a long time.
And my own portfolio is underweight the US, uh, o- overweight Europe, and, and very overweight Asian emerging markets.
And, uh, you know, last year was the first year in a long time that that worked [laughs] and it, and it worked pretty well.
Uh, I, I, I think the tariff situation and the correction around then, the, uh, the weakness in the US dollar were the kind of things that I, I saw mention of this Anywhere But America trade, and I just thought that, you know, the US audience needs to think about these things.
Um, great bull markets have a way of erasing kind of rational diversification, and success, uh, has led to most people and, and, and investors from all over the world being overweight the US market.
And these trends can change, and that's really what I wanted to say with that piece, is trends can change, and they can change meaningfully and for a long time.
Is your portfolio massively overweight the US at, at what could, not will be, I'm not predicting that, but what could be the top of a, about a 15-year bull market?
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