Nigel A. Bliss, Senior Portfolio Manager and Partner for Mondrian Investment Partners, joined Julie Cooling, Founder and CEO of RIA Channel, at the GTE Wealth Forum to discuss the diversification benefits of international investing.
Mondrian Investment Partners is an employee-owned investment management firm specializing in value-oriented international equity and fixed income.
For the first time in 15 years, international markets outperformed U.S. markets in 2025. Bliss points to the critical role international investments play in truly diversified portfolios. He references a structural and secular shift that supports continued outperformance, citing key factors such as attractive currency values, the potential for currencies to appreciate against the U.S. dollar, a wide relative valuation gap, low correlation to AI-related themes, and exciting investment opportunities from a bottom-up perspective. Bliss adds that Mondrian is currently overweight in Japan, citing strong balance sheets, shareholder value, attractive dividend growth, and record share buybacks.
While several years of U.S. market dominance have led to a hesitancy to invest significant allocations in international markets, Bliss argues that the skew of outcomes is in financial advisors’ favor. He anticipates that 2026 will see an increase in allocations towards international markets.
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