American exceptionalism: can the momentum continue?

Mar 10, 2025

Kilian Niemarkt, Senior Client Portfolio Manager for Global Equities, looks at the long history of ‘American exceptionalism’, and discusses why the concept is just as relevant today as it was nearly 200 years ago.

Key takeaways:

  • A free market economy in the U.S. encourages competition, innovation, and entrepreneurship.
  • Strong equity market performance has been a feature of the last decade, with growth set to continue.
  • The U.S. has emerged as the leader in AI, outpacing global competitors, especially Europe.
  • Businesses with strong fundamentals can deliver exceptional results, however, valuation also matters and even great businesses can become over-valued.
  • Selectivity is key; our approach marries both exceptional fundamentals and attractive valuation.