Foreign investors have never held more US equities: Foreign investors now allocate a record 32.4% of their US financial assets to equities. This percentage has more than doubled since 2008 and has surpassed the previous record of 31.4% set in the 1960s. By comparison, the long-term average allocation to equities is 19.3%. This comes as foreign investors own a record $20.8 trillion in US stocks and equity funds. Their total equity holdings have risen +160% since 2020. European investors alone hold $10.4 trillion, an all-time high. Foreign investors are all-in on US stocks.