Page 305 - DCAC February 2024 Files

MSCI All Country World ex‐US vs S&P 500, next 12 months

International: Price‐to‐earnings discount vs U.S.

Stock valuations in the U.S. are slightly elevated compared to historical averages, while

international equities appear somewhat attractive from a valuation standpoint.

22

Valuations Forward P/E and subsequent 5‐year annualized returns Sources: J.P. Morgan Guide to the Markets,. (Left) FactSet, Refinitiv Datastream, Standard & Poor’s, Thompson Reuters, J.P. Morgan Asset Management. (Right) FactSet, MSCSI, Standard & Poor’s, J.P. Morgan Asset Management. Data as of December 31, 2023.

Equities – • S&P 500 Total Return Index