A majority of the world's best-performing stocks over the past five years have come from outside the US, despite the exponential gains seen by the FAANG (Facebook, Amazon, Apple, Netflix and Google) stocks and the subsequent attention they have received, according to Schroders' Duncan Lamont.
Lamont, who is head of research and analytics at the firm, said seven of the ten top-performing stocks in the developed market index, as well as 16 out of the 25 best performers, have been domiciled in the likes of Canada, Japan, New Zealand and Sweden as opposed to the US, despite FAANGs hitting the financial media headlines.
"The most exciting developed market companies are located in the US, right? Think again," he said.
"Yes, the US stockmarket has powered ahead, but most of the top-performing companies have been located outside of the US.
"Canada, Japan, New Zealand, Sweden, Australia, Germany and Denmark all feature. They span sectors as diverse as milk production, mining, and, of course, technology."
The top-performing stock over the last five years is domiciled in the US - it just isn't a household name. California-based semiconductor firm Advanced Micro Devices is up 3,912% over five years to the end of July according to Refinitiv data, while Amazon, Netflix and Apple - the three best-performing FAANGs over the last half a decade - have achieved respective returns of 490%, 328% and 280%.
Second place on the list of top-performing stocks is Canadian gold mining firm Kirkland Lake Gold, which is up 3,183%, while Japanese semiconductor testing company Lasertech has seen gains of 2,916% over five years.
Canadian online marketplace Shopify is perhaps one of the less surprising winners at 2,622%, but New Zealand-based protein-free milk producer the A2 Milk Company is hot on its heels with gains of 2,449%.
In Europe, some of the best-performing stocks over five years have included Swedish online casino business Evolution Gaming, which is up 2,370%; German medical equipment provider Sartorius AG, which has returned 626%; and Danish medical equipment provider Ambu B at 548%.
A further three stocks on the list are domiciled in Japan: semiconductor testing firm Advantest at 586%, material handling systems company Daifuku at 568%, and payment processing services provider GMO Payment Gateway at 550%.