The Dow Jones Industrial Average hit all-time highs on the back of continued strong economic data – and although I expect equities to drive portfolio returns throughout 2013, now is not the time to chase US equities.

The DJ index may have returned 9% this year, but I believe that investors should broaden their horizons. They should look globally for opportunities in economies where policies are mimicking those that have created the supportive backdrop for US equities.

I see similar policies taking shape in Japan and the UK – where currency-hedged exposure looks attractive for new money. Expectations of more supportive monetary policy, more restrained austerity and a weaker currency should help corporate earnings, much as they have done in the US in recent months.

Within Europe, German and Swiss exporters should benefit from these developments globally too.