US exceptionalism: is era of strong returns over?
Thu Feb 05 2026
The US stock market has delivered stellar returns over the past 15 years, which has led to the country becoming a larger part of the global stock market, meaning it now has greater influence over its performance.
But several factors, including high valuations, a concentrated market, and geopolitics, could spell the end of US exceptionalism.
To examine the outlook for US exceptionalism, and consider whether investors should be casting their nets wider, Kyle is joined by Richard Saldanha, who manages the Aviva Investors Global Equity Income fund.
Saldanha also discusses the opportunities he’s seeing, explaining how the fund invests and his approach to investing in dividend-paying companies.
Kyle Caldwell is Funds and Investment Education Editor at interactive investor.
Important information:This podcast is intended for information purposes only and is not a personal recommendation. Past performance is not a guide to future performance. The value of your investments may go down as well as up, and you may not get back all the money that you invest. Full performance information can be found on the company or index summary page on the interactive investor website.
The ii Personal Pension (SIPP) is for people who want to make their own decisions when investing for retirement. Usually, you won’t be able to withdraw your money until age 55 (57 from 2028). If you are in any doubt about the suitability of the ii Personal Pension (SIPP), Stocks & Shares ISA, Trading Account, and/or any related tax treatment of these products, you should seek independent financial advice.
Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.
More
The US stock market has delivered stellar returns over the past 15 years, which has led to the country becoming a larger part of the global stock market, meaning it now has greater influence over its performance. But several factors, including high valuations, a concentrated market, and geopolitics, could spell the end of US exceptionalism. To examine the outlook for US exceptionalism, and consider whether investors should be casting their nets wider, Kyle is joined by Richard Saldanha, who manages the Aviva Investors Global Equity Income fund. Saldanha also discusses the opportunities he’s seeing, explaining how the fund invests and his approach to investing in dividend-paying companies. Kyle Caldwell is Funds and Investment Education Editor at interactive investor. Important information:This podcast is intended for information purposes only and is not a personal recommendation. Past performance is not a guide to future performance. The value of your investments may go down as well as up, and you may not get back all the money that you invest. Full performance information can be found on the company or index summary page on the interactive investor website. The ii Personal Pension (SIPP) is for people who want to make their own decisions when investing for retirement. Usually, you won’t be able to withdraw your money until age 55 (57 from 2028). If you are in any doubt about the suitability of the ii Personal Pension (SIPP), Stocks & Shares ISA, Trading Account, and/or any related tax treatment of these products, you should seek independent financial advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.