“People continue to point to this rally as one of most unloved rallies of all time,” Robert Duggan, portfolio manager at SkyBridge Capital II LLC in New York, said by phone on Sept. 4. The firm oversees about $11 billion. “If you think about conservative investors in bonds, for them to make the next push into equities, they’re probably likely to invest in U.S. equities versus equities in foreign countries. The U.S. continues to be viewed a safe place.”

Global Rankings

The S&P 500 has climbed 8.6 percent in 2014, compared with an increase of 1.5 percent in the MSCI World ex USA Index. The benchmark gauge for American equities has advanced at an annualized rate of 24 percent since the bear market’s bottom in 2009, exceeding the 19 percent increase in the global measure.

Better returns are boosting the U.S. in global rankings of the largest companies. Apple Inc., Exxon Mobil Corp., Google Inc., Microsoft Corp. and Berkshire Hathaway Inc. hold the five top spots, compared with two in 2009.

Three rounds of Fed stimulus have propelled an acceleration in the U.S. economy at a time when conflict between Ukraine and Russia threatens to tip Europe back into a recession and economists forecast growth from Japan to China will slow every year through 2016.

Central Banks

The European Central Bank cut interest rates last week and said it will start buying assets in a bid to boost the economy. In the U.S., the Fed is forecast to complete its bond buying program before year-end. U.S. gross domestic product will expand 3 percent in 2015, according to the median estimate in a Bloomberg survey of 79 economists.

“It’s just a much better situation here,” James Liu, global market strategist at JP Morgan Funds in New York, said by phone on Sept. 5. The firm oversees $500 billion. “We’re well past the point where bad things were to happen. The problem that’s in Europe is they’re still mired in this recession mentality.”

While U.S. equities represent better opportunities, money may flow elsewhere as Americans seek to diversify, said David Pearl, co-chief investment officer who helps oversee $40 billion at Epoch Investment Partners Inc. in New York.

Market Share