RIAs Plan to Broaden Portfolios Beyond U.S., William Blair Investment Management Survey Finds

Active ETFs Emerge as Preferred Vehicle for International and Emerging Markets Exposure

CHICAGO--(BUSINESS WIRE)--Registered investment advisors (RIAs) increasingly view international and emerging markets exposure as essential to client portfolios and prefer active ETFs to access those markets, according to a new survey commissioned by William Blair Investment Management.

While U.S. equities remain a core portfolio allocation, most advisors surveyed expect to add international and emerging markets exposure over the coming year as they look to reduce portfolio concentration and access expanding global opportunities. The survey reflects responses from advisors at U.S.-based RIAs, more than half of whom work for firms that manage more than $1 billion in client assets.

Nearly three-quarters (73%) of those surveyed believe investor portfolios are heavily concentrated in U.S. equities, and 90% say international diversification is more important today than it was a year ago, the survey found. Looking ahead, 86% of those surveyed say that failing to increase international exposure over the next three to five years would be a missed opportunity for investors.

“Advisors aren’t stepping away from the U.S., but they are casting a wider net,” said Jay Lisowski, Global Head of Product Strategy and Development at William Blair Investment Management.

Actively managed ETFs emerged as the preferred vehicle for international and emerging markets exposure. More than half of RIAs surveyed (56%) expect to increase active ETF allocations to international and emerging markets over the next 12 months—more than any other vehicle measured, including passive ETFs, mutual funds, model portfolios and individual securities.

“Far more advisors expect to raise international and emerging market allocations than to cut them—and the actively managed ETF is the vehicle they expect to use most,” Lisowski said.

“Active management earns its place across geographies— wherever security selection can add value,” he said. “At the same time, it’s important for investors to know that benchmarks across non-U.S. markets can have blind spots, including differing country classifications and inclusion rules. Actively managed ETFs allow investors to make those portfolio decisions intentionally while maintaining the tax efficiency, liquidity, and transparency associated with the ETF structure.”

Where advisors see opportunity

To gain international exposure, advisors voiced preferences for specific countries and regions, led by those in Asia-Pacific and Europe. When asked to select up to three markets offering the strongest investment opportunities outside the U.S. over the next three to five years, RIAs chose the U.K. (32%), China (28%), and Canada (26%) most often, followed by Japan and Germany (each 24%) and India (17%). Grouped by region, those selections point to Asia-Pacific (77%) and Europe (70%), well ahead of the Americas (40%) and the Middle East and Africa (26%).

The survey findings align with recent published commentary by William Blair Investment Management Chief Investment Strategist Olga Bitel. “A long-term investor who looked away from the market might have concluded the U.S. was the only place to earn meaningful returns,” Bitel said. “While still attractive, the United States is no longer the only engine of economic growth and investment returns.”

In the survey, advisors also cited barriers that help explain why U.S.-centric allocations have proven durable, including geopolitical uncertainty (84%) and client preference for U.S. investments (74%).

“The advisors we work with want resilient portfolios,” said Ryan Airola, Head of North American Intermediary Distribution. “In our view that means owning U.S. assets with conviction and complementing them with exposure to growth opportunities elsewhere.”

About the survey

The RIA Global Allocation Outlook is based on an online survey of 200 U.S.-based RIAs, fielded August 5–18, 2026. Respondents are employed full-time at SEC- or state-registered RIA firms managing at least $100 million in assets, have at least three years of experience, and actively advise clients and influence asset allocation decisions. More than half of those surveyed work at firms that manage more than $1 billion in assets. The survey carries a margin of error of ±6.9% at a 95% confidence level.

About William Blair Investment Management

William Blair Investment Management is a premier global investment management partnership with a sole focus on active management across U.S. growth and core equities; U.S. value equities; global equities, including emerging markets equities; and emerging markets debt strategies. We work closely with private and public pension funds, insurance companies, endowments, foundations, and sovereign wealth funds, as well as financial advisors.

About William Blair

William Blair is the premier global partnership with expertise in investment banking, investment management, and private wealth management. We provide advisory services, strategies, and solutions to meet our clients’ evolving needs. As an independent and employee-owned firm, together with our strategic partners*, we operate in more than 30 offices worldwide. See: https://www.williamblair.com/

*Includes strategic alliances with Allier Capital, BDA Partners, and Poalim Equity Ltd.

These views are provided for informational purposes only and do not constitute investment advice or a recommendation to purchase or sell any security or adopt any investment strategy. Investing involves risks, including the possible loss of principal. Diversification does not ensure against loss.