In 2025, U.S. equities are experiencing pressure due to tariffs and a slowing economic outlook, prompting investors to diversify their portfolios. As a result, flows are shifting towards bonds, gold, alternative exchange-traded funds (ETFs), and quantitative strategies, with RPAR and GAA outperforming the S&P 500. This year, foreign stocks have risen by 9%, indicating a shift in investor sentiment away from a long-standing preference for U.S. markets. Amid the turmoil, Chinese corporate debt, previously viewed as uninvestable, is gaining traction, with $15 billion raised year-to-date, the highest since 2022. The appeal of these assets is bolstered by policy support and strong issuance demand. Additionally, as major tech stocks falter, diversified investment strategies are becoming more favorable, with bonds and international stocks outperforming the crowded mega-cap tech trade.