2026全球投资追踪报告 Global Investment Tracker May 2026

MSCIInstitute

Global

Investment

Tracker

May2026

RohitGupta

RumiMahmoodKeithCrouch

GlobalInvestmentTracker|May2026

Contents

Introduction

Howbigarepublicandprivatemarkets?

Whatforceshaveshapedmarketsrecently?

About

MSCI

Institute

2

PrivateMarkets

Whatassetsmakeuptheprivate-marketsuniverse?

Wheredoesprivate-capitalinvestmentgo?

Whatisdrivingtheriseofevergreenfunds?

Howhaveprivatemarketsperformed?

Doprivatemarketsoutperformpublicmarkets?Alookatbuyoutfunds.

PublicMarkets

Whatmakesuptheglobalbondmarket?

Howhavebondsperformed?

Whichcountriesdominateglobalequitymarketstoday?

Howhavesectorschangedovertime?

Whichsectorsmakeupglobalequitymarkets?

Justhowbigaretheworld'slargestcompanies?

Whichregionshavedeliveredthebestreturns?

Whichmarketshavedeliveredthebestlong-termreturns?

Whathasdrivenreturnsacrossmarkets?

Whichsectorsdeliveredthebestreturns?

GlobalInvestmentTracker|May20263

Introduction

Globalcapitalmarketshaveneverbeeneasiertofollowminutebyminute,orhardertoseewhole.

TheGlobalInvestmentTrackerisanewMSCIInstitutepublicationofferingthatlongerview.

Itiswrittenforleadersinbusiness,policyandfinancewhosedecisionsbothdependonandinfluencetheflowandcostofcapital.

Inits20+charts,theTrackersetseachpiece

againstthewhole:howpublicandprivate

marketshaveevolvedalongsideeachother,howthegeographyandsectorsofglobalinvestmenthaverewiredthemselvesoverthreedecades,

andwherethesegmentsdrawingoutsizedattentiontoday,fromprivatecreditto

hyperscalers,sitinthebroaderlandscape.

We'veorganizedthistrackeraroundtwolenses.

Thefirstisstructure:howbigareglobalmarkets,whatdoinvestorsown,andhowhavemarketschangedovertime.Thesecondisperformance:

whathavemarketsreturned,andwhatdrovethosereturns.

Theviewpresentedhereinvitesyoutostepbackfromthestreamofseeminglydailyshocksandconsiderwhatthelongerarcofhowwearrivedheremightsuggestaboutwherecapitalcould

flownext.

Linda-ElingLee

FoundingDirectorMSCIInstitute

Afewhighlightsfromthisfirsteditionstandout.

→Privatemarketshavegrowndramaticallyoverthepasttwodecades—privateequity

expandedmorethantenfoldandprivatecreditexpandedevenfaster.Botharestilldwarfedbypublicdebt(USD130trillion)andpublicequity(USD99trillion).

→TheU.S.nowrepresents71%ofdeveloped-marketequity,upfromroughly40%inthemid-1990s.TaiwanhassurpassedChinaasthe

largestemerging-marketequitymarket.

→NVIDIAaloneisworthmorethanthelistedequitiesofanymarketoutsidetheU.S.andJapan,asofApril30,2026.

GlobalInvestmentTracker|May2026TheInvestableUniverse|4

Marketvalue(USDbillions)

Howbigarepublic

Privaterealassets

●Privatecredit

250,000

andprivatemarkets?

●PrivatePublic

●Public

equity

realassets

equity

·ThevalueofpublicandprivatemarketstoppedjustoverUSD

200,000

250trillionasofDec.31,2025,madeupmostlyofpublicdebt

(USD130trillion)andpublicequity(USD99trillion).Publicmarketsspanlistedstocks,bondsandrealestate,whileprivatemarkets

compriseprivateequity,creditandrealassets.

150,000

·Privatemarketshavegrowndramaticallyoverthepasttwo

decadesbutarestilldwarfedbypublicmarkets.Privateequity

expandednearlyelevenfold,fromUSD521billionin2006toUSD

5.7trillionin2025.Privatecreditexpandedevenfaster,growing

100,000

fromunderUSD100billiontoUSD1.3trillionoverthesameperiod.

·Publicdebtisthebedrockoftheinvestableuniverse.AtUSD130trillion,bondsissuedbygovernmentsandcorporationsrepresentmorethanhalfofallinvestablecapitalglobally,apositionheld

●Publicdebt

50,000

throughoutthetwodecadesshown,evenasequitymarketshavegrownfasterinproportionalterms.

0

20062007200820092010201120122013201420152016201720182019202020212022202320242025

Source:MSCIInstitute.PublicequitydataasofDec.31,2025.Fixed-incomedatasofJun.30,2025istedandunlistedrealassetdataasofDec.31,2024.PrivateequityandprivatecreditdataasofDec.31,2025.Privatemarketfiguresincludebothclosed-endandU.S.evergreen(semi-liquid)fundtructuresandexcludefund-of-funds.Marketvalueofprivateassetsexcludescapitalcommittedbutnotinvested.

GlobalInvestmentTracker|May2026TheInvestableUniverse

Whatforceshave

shapedmarkets

Changeinconsumerpriceindex(%)

●U.S.●Eurozone

recently?

Monetarypolicyandthemacroeconomicbackdropshapecapitalmarkets.Thelastfouryearswerenoexception.

·Startingin2022,inflationdrivenbythepandemicandRussia'sinvasionofUkrainetriggeredanaggressiveroundofinterest-ratehikes,resettingvaluationsacrosseveryassetclass.Ratesstayedhigher.

·Creditspreads,ameasureoftheextrareturninvestorsdemandtoholdcorporatebondsovergovernmentdebt,remained

broadlycontainedevenasinterestratesrosesharply.Short-termspikesin2025aside,spreadsstayedwellinsidehistoricalaveragesthroughout,supportingequityreturnsandthe

continuedgrowthofprivatecredit.

·Together,theseforceshaveledtopublicandprivatemarketsmovinginrelativelockstep.

12.010.08.06.04.02.0

-2.0

2020202120222023202420252026

Changeinpolicyrateexpectations(%)

●U.S.●Eurozone●Realizedrate---Fwd(Dec2025)…Fwd(Apr2026)

6

5

4

3

2

0

-1

20212022202320242025202620272028

Option-adjustedspread(basispoints)

●Globalinvestmentgrade●Globalhighyield

Governmentbondyields(%)

●Japan●Germany●France●U.K.

LiberationdayAl/HYtechTriffshockrepricing

800

700

600

500

400

300

200

100

202420252026

20202021

20222023

Russia-AWraine

Covid-19

●Emerging-marketsUSDdenominated

LiberationdayTariffshock

US-Israel-

Russia-Ukraine

Covid-19

Fedpivotto75bphikes

2020202120222023202420252026

Sourcesforchartsontoprow:MSCIInstitute,basedondatafromtheU.S.BureauofLaborStatistics;NationalBureauofStatisticsofChina;Eurostat;StatisticsBureauofJapan,OficeforNationalStatistics(ONS.Sourcesforchartsonbottorow:MSCInstitute,governmentbondyieldsreflectbenchmark10-year

basis

sovereignyieldsforeachcountry.Option-adjustedspreadsreflecttheMSCIGlobalInvestmentGradeandGlobalHighYieldCorporateBondindexes.DataasofApril30,2026.Option-adjustedspreadmeasurestheextrayielainvestorsdemandtoholdcorporatebondsoverequivalentgovemmentbonds,expressedin

points(hundredthsofapercentagepoint).Atighterspreadsignalsgreaterinvestorconfidence;awiderspreadsignalsgreaterperceivedrisk.

GlobalInvestmentTracker|May2026

Privatemarkets

Privatemarketscoverinvestmentsthatdon'ttradeonpublic

exchanges:stakesinprivatecompanies(privateequity,buyoutandventurecapital),directloanstobusinesses(themajorityof

privatecredit),andrealassetssuchasinfrastructureandreal

estate.Unlikepublicmarkets,wherepricesupdatebythesecondandinvestorscantransactcontinuously,privateinvestmentsaretypicallylessliquid,valuedlessfrequently,andrequirelonger

holdingperiods.Overthepasttwodecades,privatemarketshavegrownfromanicheallocationtoacornerstoneofinstitutional

investmentsand,increasingly,ofwealth-managementportfolios.Hereweexamineprivatemarketsfromseveralangles:whattheycomprise,wherecapitalisinvestedglobally,theriseofevergreenfunds,andhowprivatemarketshaveperformed.

MSCI

Institute

PrivateMarkets

7

GlobalInvestmentTracker|May2026

Whatassetsmakeuptheprivate-marketsuniverse?

·Privatemarketsspanthreebroadstrategies:privateequity,privatecreditandunlistedrealassets.

·Technologydominatesprivateequity,particularlyventurecapital,whereitaccountsfornearlyhalfofallvaluations.Buyoutfundsarespreadmoreevenlyacrossindustrials,healthcareandrealestate,reflectingtheirfocusonestablishedbusinesses.

·Privatecreditisledbyfinancials,industrialsandinformationtechnologybutspansabroadrangeofsectors,including

industrials,healthcareandrealestate,reflectingitsroleasasourceoffinancingacrossthewidereconomy.

·Realassetsdividesharplybystrategy.Privaterealestate,asthenamesuggests,isalmostentirelyrealestate.Infrastructureistheopposite,spreadingacrosssectors,areflectionofthebroadrangeofphysicalassetsthatfallunderthatlabel.

Godeeper

TheStateofPrivateMarkets2026→

Globalvaluationbreakdownbysector

Privatecapital

Privateequity

VenturecapitalExpansioncapital

Buyout

Privatecredit

Directlending

OpportunisticlendingRealestatedebt

Privaterealassets

Privaterealestate

Naturalresources

Infrastructure

●Informationtechnology

●Industrials

●Healthcare

●Realestate

●Financials

●Consumerdiscretionary

●Communicationservices

●Consumerstaples

●Utilities

●Energy

Materials

●Unknown

0%10%20%30%40%50%60%70%80%90%100%

Source:MSCIPrivateCapitalSolutions,dataasofDecember31,2025.SectorsreresentedbyPACS",apropretaryframeworkdevelopedbyMSCIforclassifyingprivate

assets.ThePACSframeworkleveragesGICSO,theglobalindustryclassificationtandardjointlydevelopedbyMSCIInc.andS&PDowJonesIndices,andGRACS,the

GlobalReaAssetClassificationStandarddevelopedbyMSCI.TheGICSstructurecomprises11sectors,24industrygroups,69industriesand158subindustries.

GlobalInvestmentTracker|May2026PrivateMarkets|8

Wheredoes

private-capital

investmentgo?

·PrivatecapitalisoverwhelminglyaU.S.-ledassetclass.TheU.S.accountsfor61%ofglobalprivate-capitalinvestment,adominancethatholdsacrossprivateequity,privatecreditandrealassets.PrivatecreditskewsevenmoreheavilytowardtheUS,reflectingthedepthandmaturityofAmericanlending

markets,withrealestatedebtparticularlyconcentratedat91%USexposure.

·Infrastructureandnaturalresourcesaretheexceptions.

InfrastructureissplitmoreevenlybetweentheU.S.andEurope,reflectingthecontinent'slongtraditionofinstitutional

investmentintollroads,utilitiesandenergynetworks.Naturalresourceshasthebroadestgeographicspreadofanystrategy,withoverafifthofinvestmentoutsidetheU.S.andEurope

entirely,reflectingwheretheworld'scommodityandenergyassetsarephysicallylocated.

Globalvaluationbygeography(%)

●U.S.

Privatecapital

Privateequity

VenturecapitalExpansioncapitalBuyout

Privatecredit

Directlending

OpportunisticlendingRealestatedebt

Privaterealassets

PrivaterealestateNaturalresources

●Europe●Asia●Restofworld

Infrastructure

0%10%20%30%40%50%60%70%80%90%100%

Source:MSCIPrivateCapitalSolutions,dataasofDecember31,2025.Analysisbasedondrawdown-stylefundsintheMSCIPrivateCapitalSolutionsdataset,excludingevergreenfundsandothernon-drawdownstructures.Datarepresentsthemajorityofinvestedcapitalininstitutionalprivatemarkets.

PrivateMarkets

GlobalInvestmentTracker|May2026

Whatisdrivingtheriseofevergreenfunds?

·Thegrowthofassetsinsemi-liquidor"evergreen"private-marketfundsmarksoneofthemostsignificantstructuralshiftsinprivatemarketsindecades.Sincethe1970s,privatemarketshavebeen

definedbyclosed-endfunds,complexunderwritingandlong-dated,irregularcashflows.

·Evergreenfunds(sonamedbecausecapitalstaysinvested

continuouslyratherthanbeingreturnedonafixedcycle)aimto

provideaccesstoprivatemarketswhilemitigatingthreelongstandingconstraintstheyareknownfor:illiquidity,irregulardistributionsand

unpredictablecashcalls.Theydonoteliminatetheseconstraintsbutreducethemenoughtoopenprivatemarketstoamuchbroaderrangeofinvestors.

·Acrossunlistedassetclasses,U.S.evergreenstructuresnow

exceedUSD500billioninassetsundermanagement(AUM),withassetsgrowingbymorethan30%intheyearendedSept.30,2025.Theemergenceofsuchstructuresmeansthatwhatwasonce

primarilythedomainofinstitutionalinvestorsanddrawdown-style

partnershipsisnowaccessiblethroughvehiclesdesignedforbroaderdistribution,includingretailinvestors,whoaccountforroughlyone-fifthofAUMinevergreenfunds.

Godeeper

TheAscendanceandImplicationsofEvergreenFundsinPrivateMarkets→

Netassetvalue(USDbillion)

●Credit●Equity●Realestate●Othercategories

500

400

300

200

100

2010201520202025

Source:DataasofQ42025.Source:U.S.SecuritiesandExchangeCommission,MSCIPrivateCapitalSolutions

GlobalInvestmentTracker|May2026PrivateMarkets|10

Howhaveprivate

marketsperformed?

Privateequity

VenturecapitalExpansioncapital

Buyout

·Privateequityisthelong-runperformanceleaderinprivatemarkets.Buyout,ventureandbroadprivateequityhaveeachcompoundedat

around14%ayearoverthepastdecade

.Venturecapitalhadastandout2025.Afterthreeleanyears,itreturned21.9%—itsbestyearsincethe2020-2021boom.Therecoveryis

uneven:Companiesarestayingprivatelonger,andaquarteroffundvalueisnowtiedupininvestmentsmorethaneightyearsold.

Privatecredit

Directlending

OpportunisticlendingRealestatedebt

·Privatecredithasbeenoneofthemostconsistentperformersacrosseverytimehorizon.Theassetclassisnownavigatingamorecomplexphase,withagrowingshareofloansmarkeddowninvalue,some

fundsfacingwithdrawalpressures,andlendingtosoftwarecompaniesdrawingscrutinyasAlraisesquestionsaboutlong-termbusiness

models.

Privaterealasset

Privaterealestate

PrivatenaturalresourcesPrivateinfrastructure

·Realestateposteditsfirstpositiveyearsince2021,thoughthe

recoveryremainsfragile.Infrastructurecompoundedat10%annualizedoverthepastdecade,andisincreasinglywherecapitalisflowingasAl-drivendemandfordatacentresrequirestrillionsinnewinvestment

Godeeper

MSCIPrivateCapitalBenchmarksSummaryQ42025→

Annualizedreturnsbyassetclass(%),asofDecember31,2025

1Yr3Yr5Yr10Yr

11.6%

7.5%

9.8%

12.0%

PrivateCapital

13.3%

8.3%

10.3%

14.2%

21.9%

7.9%

8.2%

8.4%

14.8%

6.3%

9.3%

9.8%

10.1%

8.5%

11.6%

14.2%

9.8%9.1%9.5%8.5%

10.3%9.9%

9.6%9.8%

8.3%8.0%

11.1%9.5%

5.8%5.8%

6.8%7.0%

7.6%

3.8%

8.3%

7.4%

2.1%

-2.3%

3.7%

5.5%

4.5%

3.2%

12.0%

6.6%

12.8%

9.3%10.2%10.0%

Source:MSCIPrivateCapitalSolutions,dataasofDecember31,2025.ReturnsreflecttheMSCIPrivateCapitalClosed-EndFundIndexes,whicharebasedonsince-inceptioncashflowsandvauationsfromover14,000fundsandfundsoffundsCalendar-yearreturnsrepresentcompoundedquarterlyreturns.Returnsarenetoffeesandreflectrealizedandunrealizedchangesinfundnetassetvalueasreportedbygeneralpartners.

GlobalInvestmentTracker|May2026PrivateMarkets|11

Doprivatemarkets

outperformpublic

markets?Alookat

buyoutfunds.

·Acentralquestionforinvestorstodayishowreturnsin

privatemarketscomparewithmore-liquidpublic

alternatives.Buyoutfunds,forexample,whichacquire

controllingstakesinestablishedcompanies,have

outperformedtheirpublic-marketequivalents,onaverage,

overthe25yearsendedSept.30,2025,accordingtoMSCIanalysis.Theanalysiscomparesbuyoutfundswithsmall-cappubliccompanies,whichsharesimilarcharacteristicswiththebusinessesbuyoutfundstypicallyacquire.

·Thecomparisonisnotstraightforward.Measuringprivate-equityperformanceagainstpublicmarketsrequiresa

benchmarkthataccountsforindustrycomposition,

geographicexposure,companysizeandleverage,allofwhichcanshapereturns.

Godeeper

HasPrivateEquityOutperformedPublicEquity?→

Performanceofbuyoutfundsover25years(indexlevel)

●Buyoutfunds●Small-capstocks

2000

1500

1000

500

200020052010201520202025

Sourcenote:BuyoutfundsrepresentedbytheMSCIUSBuyoutClosed-EndFundndex.Small-captocksrepresentedbytheMSCIUSASmallCapndex,

adjustedtomirrortheallocationsandattributesofprivateholdings,includingleverage.Indexesaresetto100onDec.31,2001.DataasofSept.30,2025.

GlobalInvestmentTracker|May2026

Public

markets

Publicmarketscompriselisteddebtandequityandtotaledmore

thanUSD250trillionasofyear-end2025.Debt—bondsissuedbygovernmentsandcorporateborrowers—representsabout57%ofpublicmarketsbyvalue.Comparedwithprivatemarkets,public

marketsaredefinedbyliquidityandpricesthatupdatecontinuously.U.S.-basedissuersdominatepublicmarkets,representing72%ofglobalstocksandroughlyhalfofglobalbonds.Hereweexamine

publicfixed-incomeandequitymarketsfromthreeangles:howtheyarecomposed(countryandsector),howtheyhaveperformed

(returnsandrisk),andwhatdrovethoseresults.

MSCI

Institute

GlobalInvestmentTracker|May2026BondMarkets|13

Whatmakesuptheglobalbondmarket?

·TheU.S.accountsforroughlyhalfofallglobalbondmarketdebt—approximatelyUSD71trillion—morethananyother

countryorregion.ThisconcentrationreflectsboththedepthofU.S.capitalmarketsandthedollar'sroleastheworld'sreservecurrency,whichmakesU.S.governmentandcorporatebondsthedefaultinstrumentforglobalsavingsandreserves.

·Sovereignbondsarethelargestcategoryineveryregion,reflectingtwodecadesoffiscalexpansionandasustainedincreaseinsovereignborrowingworldwide.

·CorporatebondissuanceisconcentratedintheU.S.and

Europewheredeepcapitalmarketsandlargeinstitutional

investorbasesmakeitanefficientalternativetobanklending.

China'smarket,whiletheworld'ssecondlargest,remainslargelydomestic.

·Acrossemerginganddevelopingeconomies,borrowingispredominantlysovereign.Corporatebondmarketsremainlimitedinsize,reflectingtheearlierstageofcapitalmarketdevelopmentinmuchoftheworld.

Theglobalbondmarketataglance(USDtillion)

IssuerregionBondtype

U.S.

$71.3tn

Europe

$29.4tn

China

$16.5tn

Japan

$12.1tn

Restofworld

$14.8tn

Supranational

Sovereignbonds

$73.1tn

Investment-gradecorporate

$28.0tn

Agency/GSE

$12.0tn

Securitized

$14.0tn

Highyield

$9.0tn

MunicipalOther

Supranational/multilateral

..

Agency/GSE,securitised,municipalandothercategorytotalsareestimatedfrommarketstructuredata;regionalallcationswithinthesecategoriesarederivedfrommarketconventionandshouldbetreatedasapproximations.AIlfiguresinUSDtilion,asofDec.31,2025.

Source:MSCIIinstituteanalysis,basedondatafromOECDGlobalDebtReport2026,SIFMACapitalMarketsFactBook2025andBISDebtSecuritiesStatisticsSovereigntotalsbycountryandcorporatetotalsfortheUS,EuropeandChinaareanchoredtoreportedfigures

GlobalInvestmentTracker|May2026BondMarkets|14

Howhavebondsperformed?

·Theriseofinterestratesstartingin2022leftalasting

markongovernmentbondsthathasnotfullyreversed.

Developed-marketsovereigndebtremainsinnegative

territoryoverfiveyears,reflectingthescaleofrepricing

whenpolicyratesrosesharply.Higher-yieldingandshorter-durationsegmentshaveheldupbetter,buttheoverall

picturefordeveloped-marketsovereignsremainsweakacrossthefullperiod.

Corporatecreditprovedmoreresilientandhasrecoveredwelloverthreeyears.Higheryieldsprovidedacushion

againstrisingrates,andasthehikingcycleendedand

spreadsstayedcontained.High-yieldbondsdeliveredthestrongestreturnsofanyfixed-incomecategoryoverthethree-yearhorizon.

·Emerging-marketdebtoutperformeddeveloped-marketsovereignbondsacrosstheshortandlongterm.Both

hard-currencyandlocal-currencyemerging-marketbondsremainedpositiveoverfiveyearsatatimewhenmost

developed-marketgovernmentbondswerenot.Emerging-marketbondsoutperformeddeveloped-marketsovereigns,thoughhigh-yieldcreditstillledfixedincomeoverall.

5years,annualized

(Apr30,2021-Apr30,2026)

Emergingmarkets-localcurrency

Emergingmarkets-USDEurozone

U.S.

Developedmarkets

Globalhighyield EmergingmarketsGlobalinvestmentgrade

9.4%

6.5%

2.8%

2.5%

-0.5%

8.4%6.8%

5.2%

1year(Apr30,2025-Apr30,2026)

3years,annualized

(Apr30,2023-Apr30,2026)

8.8%6.9%

2.3%

2.3%

Return(%)

CorporateBonds

GovernmentBonds

4.4%

2.3%

0.7%

3.5%

0.2%

7.2%

2.3%

-2.7%

-0.4%

-3.3%

5.3%

5.9%

Source:MSCIInstitute,dataasofApril30,2026.BondscategoriesarerepresentedbytheirespectiveMSCIFixedIncomeindexes:MSCIGovernmentBondIndex,MSCIEmergingMarketsSovereignBondIndex,MSCIEurozoneGovernmentBondIndex,MSCIU.S.GovernmentBondIndex,MSCIGovernmentBondIndex-DevelopedMarkets,MSCIGlobalHighYieldCorporateBondIndex,MSCIEmergingMarketsCorporateBondIndex,MSCIGlobalIGCorporateBondIndex.

15

GlobalInvestmentTracker|May2026EquityMarkets

Whichmarkets

dominateequity

investingglobally?

·TheU.S.shareofdeveloped-marketequityhasrisenfrom

around40%inthemid-1990sto71%today,meaningagloballydiversifiedequityportfoliotodaylooksverydifferent.TheshareofglobalequityrepresentedbyJapan,theU.K.andEuropehasfallenoverthesameperiod,notbecausetheirmarketshaveshrunkbutbecausetheU.S.markethasexpandedsomuchfaster.

·Emergingmarketstelladifferentstory.Inthe1990s,market

exposureswereledbyMalaysia,Mexico,BrazilandSouthAfrica.Today,China,Taiwan,SouthKoreaandIndiatogetheraccountformostoftheequityuniverse,drivenbytheriseofAsian

manufacturing,technologyandconsumermarkets.

·TaiwanhasrecentlyovertakenChinaasthelargestemerging

marketbyvalue,withSouthKoreaclosebehind,reflectinghow

heavilyemerging-marketexposurenowleansonahandfulofAsiantechnologycompanies.

Godeeper

GlobalEquityInvestingTroughtheDecades→

Exposurebasedonmarketcapitalization(1994-2026)

Developedmarkets

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

199419982002200620102014201820222026

Emergingmarkets

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

199419982002200620102014201820222026

●Sweden(1.0%)

●Nethelands(1.2%)

●Australia(1.9%)

●Germany(2.2%)

●Switzerland(2.2%)

●France(2.4%)

●Canada(3.6%)

●U.K.(3.7%)

●Others(4.7%)

●Japan(6.4%)

●U.S.(70.7%)

●UnitedArabEmirates(1.2%)

●Malaysia(1.3%)

●Mexico(1.8%)

hii((.))

●Brazil(4.5%)

●Others(7.6%)

●India(13.0%)

●Korea(18.4%)

●China(21.4%)

●Taiwan(24.7%)

Source:MSCIIndexResearch,dataasofApril30,2026.Developed-marketcountryweightsbasedontheMSCIWorldIMIIndex;emerging-marketcountryweightsbasedontheMSCIEmergingMarketsIMIIndex,bothincludinglarge,midandsmallcap.DatafromDecember1994toApril2026.

GlobalInvestmentTracker|May2026