Strategists: Look Abroad for Stock Investments in 2023

With the brutal returns of 2022 almost behind investors, those looking to make up lost ground might do better to look abroad next year.

Some strategists see a better set-up for foreign stocks than their U.S. peers, a change from the recent past, when investors were rewarded for staying close to home. Over the past five years, the


iShares MSCI ACWI ex U.S.


(ACWX) exchange-traded fund lost an average annual 1.8%, compared with the average 7% gain for the


SPDR S&P 500 ETF


(SPY).