Non-US investors own more US stocks than ever: Investors from outside the US held $24.32 trillion of US equities in July, the 3rd-largest amount in history. Year-to-date, foreign holdings of US equities have surged +$2.22 trillion, or +10%. Since the 2022 bear market, this figure has soared +$12.3 trillion, or +103%. As a result, foreign allocation to US equities jumped to a record 60% of their US financial assets. This proportion now stands ~6 percentage points above the 2000 Dot-Com Bubble peak. Foreign appetite for US equities is historically strong.