portfolios. Even for investors in higher-returning geographies, such as the United States, there are significant benefits to having at least a small international core and non-core allocation. Ranking of Annual MSCI Sector-Region Returns Over Time (% p.a.) across sectors and geographies, along with elevated global geopolitical and macro risks, means that differences in In a simple analysis from the perspective of a U.S.-based investor, there are clear benefits in terms of potentially international real estate, even though its domestic market is exposure, with benefits tapering off beyond 40% - alongside the increased costs such an approach would imply.