US stocks are experiencing their lowest share of global investment flows since 2020, according to Bank of America strategist Michael Hartnett. The shift marks a significant reversal from the dominance American equities have enjoyed in recent years, with international markets now attracting more investor capital.

Hartnett's analysis suggests a fundamental change in how global investors are allocating their portfolios. The trend reflects growing concerns about US market valuations and potential economic headwinds, while international markets offer more attractive opportunities. This reallocation could signal a broader rotation away from US mega-cap technology stocks that have driven market performance.

The data points to a potential inflection point for global markets. As investors seek diversification and value, emerging markets and developed international equities may benefit from increased inflows. The shift could have significant implications for market leadership and sector performance in the coming quarters.