UK Stocks Under‑Owned Amid Low Domestic Buying

Goldman Sachs notes UK equities trade ~40% below US on sector-neutral basis, 15‑20% discount vs Europe.
Domestic pension and insurance fund exposure fell from >50% in late 1990s to just 4% today, driving “de‑equitization”.
FTSE 100 yields ~4%, far above S&P 500’s 1.5%, making UK market an attractive “yield play”.
Record share buybacks in 2025 and rising inbound M&A, especially from US firms and private equity, suggest foreign buyers see value.