Sylvia Sheng, Global Multi-Asset Strategist at Morgan Asset Management, stated that there is good reason to continue to overweight US Stocks and increase exposure to small and mid-cap stocks. She noted that although valuations may appear high, the profit growth of companies in the S&P 500 Index is expected to persist. Sheng wrote that by 2025, the profit growth contribution of the six giants among the S&P 500 Index component stocks will match that of the other 494 component stocks, with the six giants' profit growth expected to slow from 40% in 2024 to 22%. In the international markets, Morgan Asset Management continues to overweight Japanese Stocks, as its algo models indicate that Japanese Stocks have attractive returns and strong bottom-up profitability.