Since the end of 2007, European equities have underperformed US equities by 63% on a real total return basis (in local currency terms).
Over the same period, European real local currency earnings per share declined by only 52% relative to their US counterparts - this divergence really started to occur in 2011 as the eurozone crisis broke...
Following 2016 thematic review
December 2018 or early 2019
Eight-week high against US dollar
Capturing themes in a changing world
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