The Great Rebalancing: Capital Allocation in an Age of Fragmentation and ConvergenceAfter a long stretch in which US markets served as the default setting for global portfolios, 2026 is beginning to look like a turning point. Financials, industrials, and materials sit closer to the centre of Europe’s equity complex than they do in the United States. Mexico has already overtaken China as the United States’ largest trading partner, and the pull of North American supply chain integration continues to deepen. The new weight of the worldThe United States remains indispensable. That is what a fragmented world looks like in capital markets: not disorder, but dispersion.