US exceptionalism: is era of strong returns over?

On The Money · Feb 5, 2026 · 20m · transcript

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…