A shrinking pool of stocks is powering most of Wall Street’s gains, making international equities worth a fresh look, according to Thornburg Investment Management. International stocks trade near 14 times 2027 earnings versus 17 times for the U.S.Dividend yields abroad run 2 to 3 percentage points higher than similar U.S. stocks. The Thornburg International Equity ETF (TXUE) and the Thornburg Premium Income Builder ETF (THOR) pick individual stocks rather than track an index. International Stocks Trade at a DiscountStocks outside the U.S. are cheaper than their American counterparts, Burdett wrote. On that basis, those stocks trade at about 14 times projected 2027 earnings, versus 17 times for U.S. stocks.