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Are US equities still exceptional?

Strong US equity market performance has been a key driver of LGPS investment returns in recent years, but LGPS investors are now considering if it is time to broaden their stock selection.

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Since Donald Trump entered the White House for the second time in 2025 there has been much debate about whether the US is still

An increase in assets and improving funding levels paint a positive picture for the LGPS, but changes to contribution rates, valuation assumptions and costs reveal a more complex financial outlook.