Europe Overtakes US in Shareholder Returns—Without Sacrificing Investment

This Amundi Investment Institute report explores the evolving dynamics of shareholder remuneration—particularly buybacks and dividends—across the US, Europe, and Japan, assessing their impact on capital allocation and long-term investment trends.

• Europe now leads developed markets in combined dividend and buyback yields, with valuations and market concentration risks supporting its equity appeal.

• Despite criticism, no evidence suggests buybacks have displaced corporate investment; in fact, R&D spending has risen in the US alongside high payout rates.

• Japan shows a rare balance: rising shareholder returns without compromising its strong capex and R&D commitment.

How can investors capitalize on Europe's shareholder-friendly shift amid global valuation disparities? Discover key signals and strategic implications in the full report.