--- title: Why Non-US Markets deserve renewed attention | Tantallon image: https://landing.tantalloncapital.com/hubfs/Landing%20Page%20graphics/Landing%20Page%20Featured%20Image/Non-US%20Markets%20Paper.png --- [Skip to content](https://landing.tantalloncapital.com/why-non-us-markets-deserve-renewed-attention#main-content) [![Tantallon Capital Logo](https://landing.tantalloncapital.com/hs-fs/hubfs/logotantalloncapital-400x200.jpg?width=400&height=200&name=logotantalloncapital-400x200.jpg)Homepage](https://tantalloncapital.com/) - [Asia Fund](https://tantalloncapital.com/fundasiaimpact.html) - [India Fund](https://tantalloncapital.com/fundindia.html) - [Insights](https://tantalloncapital.com/articles/) - [Team](https://tantalloncapital.com/ourpeople.html) [Contact](https://tantalloncapital.com/index.html#services2-4r) - [Asia Fund](https://tantalloncapital.com/fundasiaimpact.html) - [India Fund](https://tantalloncapital.com/fundindia.html) - [Insights](https://tantalloncapital.com/articles/) - [Team](https://tantalloncapital.com/ourpeople.html) [Contact](https://tantalloncapital.com/index.html#services2-4r) # Why Non-US Markets deserve renewed attention ![Tantallon White Paper mockup FINAL (white)](https://landing.tantalloncapital.com/hs-fs/hubfs/Landing%20Page%20graphics/Tantallon%20White%20Paper%20mockup%20FINAL%20(white).png?width=300&height=360&name=Tantallon%20White%20Paper%20mockup%20FINAL%20(white).png "Tantallon White Paper mockup FINAL (white)") ##### The case for diversification, and explicitly for India and Asia, as the fifteen-year pendulum favoring US assets begins to swing back. ###### WHY NON-US, WHY NOW ### Four threads, converging at the same moment Extreme US concentration, a deteriorating fiscal position, and a dollar that has turned lower after a multi-year peak are converging with a reform-anchored growth story in India and across Asia. #### Historic concentration The US is roughly 63.6% of the MSCI ACWI (All Country World Index), and the ten largest S&P 500 stocks account for 37.8% of the index (as of August 31, 2026), leaving little room for error if a handful of names disappoint. #### A deteriorating fiscal position Net interest on US debt passed $1 trillion in fiscal 2025, more than defense spending, and gross federal debt has now crossed $40 trillion, creating a structural incentive to tolerate currency debasement and inflation. #### A dollar cycle turning A roughly 32% trade-weighted dollar rally from 2010 to 2024 erased about half of emerging-market local returns for US investors. The dollar has since turned lower, and growth and real rate differentials now support Asian currencies and risk assets. #### A consumption inflection Reform, industrialization, China+1 supply-chain shifts, demographics and consumption. India's GDP per capita is nearing $3,000, a level at which, in our view, domestic consumption tends to accelerate. ###### INDIA & ASIA, BY THE NUMBERS ### A growth story still in its early innings #### ~7% India's annual real GDP growth over the next three years #### 31.2% Asia-Pacific's share of world GDP, versus just 17.2% of the MSCI ACWI #### ~50% of Indians are under age 30, with ~20 million turning 20 each year #### $1T+ global AI infrastructure spend expected in 2027, with the picks and shovels built across Asia ###### A DIFFERENTIATED RETURN STREAM ### Asia looks less like the US cycle, not more Beyond growth, Asia offers something increasingly scarce for US-anchored portfolios: a genuine diversifier, at a moment when most US investors remain heavily concentrated at home. ###### CORRELATION TO THE S&P 500 ### **A genuine counterweight** Over one-, three- and five-year periods to March 2025, daily return correlations between the S&P 500 and most Asia-Pacific benchmarks were at or below 0.30. Correlations are not static and tend to rise in falling markets. #### ≤ 0.30 ###### THE HOME-BIAS GAP ### **Concentrated at home** About 78% of US equity mutual fund and ETF assets sit in US-focused funds (July 2026), even though the US makes up about 64% of the MSCI ACWI. #### 78% vs. 64% ACCESS THE FULL REPORT ### Get the complete white paper A full walkthrough of the concentration, currency, fiscal, and demographic case for building, or rebuilding, a non-US allocation now. - The pendulum: a short history of global capital flows, and why the last fifteen years favored the US - A regime change: gold, crypto, US fiscal arithmetic, and the risk of dollar debasement - India: structural reform, China+1 industrialization, demographics, domestic capital, and a consumption inflection point - The rest of Asia: rebuilt supply chains, AI infrastructure, and a lower-correlation return stream - Why non-US, why now: four converging threads, and the risks to size and manage [![Tantallon Logo - Transparent](https://landing.tantalloncapital.com/hs-fs/hubfs/Landing%20Page%20graphics/Tantallon%20Logo%20-%20Transparent.png?width=200&height=113&name=Tantallon%20Logo%20-%20Transparent.png "Tantallon Logo - Transparent")](https://www.tantalloncapital.com/) ## About Tantallon Capital Tantallon Capital is a Singapore-headquartered investment manager focused on Asia. Our team combines deep, on-the-ground fundamental research with a long-biased, concentrated approach to portfolio construction, seeking structural growth opportunities across market caps, sectors, and capital structures. [Schedule a Call](https://meetings-na2.hubspot.com/prem-manjooran) ![Tantallon Landing Page Image](https://landing.tantalloncapital.com/hs-fs/hubfs/Landing%20Page%20graphics/Tantallon%20Landing%20Page%20Image.png?width=1440&height=1440&name=Tantallon%20Landing%20Page%20Image.png "Tantallon Landing Page Image") ###### BEHIND THE PAPER ![Prem Manjooran](https://landing.tantalloncapital.com/hs-fs/hubfs/Landing%20Page%20graphics/Prem%20M.png?width=150&height=150&name=Prem%20M.png "Prem Manjooran") ## Prem Manjooran, CIO ###### *35 years investing in Asia* Prem Manjooran is Principal at Tantallon Capital Advisors, where he is the Chief Investment Officer of the Tantallon India Fund and the Tantallon Asia Impact Fund. Prem has spent 35 years investing across Asia through a full range of economic and market cycles. That depth of experience shapes his approach: a seasoned macro view on monetary policy, capital flows, and geopolitics as it pertains to Asia, a disciplined thematic investment approach identifying opportunity and risk, and a deeply calibrated micro, company-by-company perspective built over decades of fundamental investment research and analysis. Over his career, Prem has built a deep network of relationships across corporate Asia, engaging directly with entrepreneurs and management leadership teams on strategy, capital allocation, and governance. That access and depth of engagement underpins his conviction in Asia's structural growth story: the view that true innovation, industrialization, and financial inclusion are most durable when paired with disciplined capital allocation and accountability to all stakeholders. Prior to joining Tantallon Capital, Prem spent 22 years at The Capital Group Companies as an equity analyst and specialist investor covering Asia, moving between market-generalist and industry-specialist roles over the course of his tenure there. He grew up in Mumbai and Calcutta and has spent most of his career living and working across the region he covers. [![Tantallon Capital](https://landing.tantalloncapital.com/hs-fs/hubfs/logotantalloncapital-400x200.jpg?width=190&height=95&name=logotantalloncapital-400x200.jpg "Tantallon Capital")](https://www.tantalloncapital.com/) ##### Tantallon Capital ###### [➤ Asia Fund](https://tantalloncapital.com/fundasiaimpact.html) ###### [➤ India Fund](https://tantalloncapital.com/fundindia.html) ###### [➤ Insights](https://tantalloncapital.com/articles/) ###### [➤ Team](https://tantalloncapital.com/ourpeople.html) ##### Contact Us 137 Telok Ayer Street, #03-05 Singapore 068602 contact@tantalloncapital.com +65 6327 3920 --- **DISCLOSURES.** This content is provided for general informational and educational purposes only. It does not constitute, and should not be construed as, investment, legal, tax, or accounting advice, or a recommendation to buy or sell any security. Nothing herein constitutes an offer to sell, or a solicitation of an offer to purchase, any security or fund interest. Any such offer or solicitation, if made, would be made only pursuant to definitive offering documents, which contain material information (including risk factors) not included herein. The views and opinions expressed herein are those of the author as of the date of publication, are based on information believed to be reliable, but which has not necessarily been independently verified, are subject to change without notice, and should not be relied upon as a prediction of future market events or as investment advice. Certain information has been obtained from third-party sources believed to be reliable; no representation or warranty is made as to its accuracy or completeness. Past market performance and historical trends referenced herein are not indicative of future results. Investing in Asian and Indian equity markets involves risks not typically associated with more developed markets, including political, economic, currency, liquidity, and regulatory risks. 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