Is it necessary to graduate from All Country? Options to consider next after investing in global stocks

What is All Country graduation?

All Country graduation generally refers to the following conditions.

Focus on global stock indexes
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Combining individual stocks, high-dividend stocks, ETFs, concentrated US stocks, etc.

In other words, it means moving from a management based on investment trusts that are widely distributed throughout the world to a management that considers asset allocation and stocks on your own.

If you just listen to the words, it seems like you are finishing the beginner's course and moving on to the advanced course.

However, this is a little dangerous when it comes to investing.

Returns do not increase just because you graduate. On the contrary, diversification may become weaker, the number of trades may increase, and the number of errors in judgment may increase.

It would be more accurate to think of it as a "design change" rather than a "graduation."

What is All Country?

All Country is widely used as the nickname for Mitsubishi UFJ Asset Management's ``eMAXIS Slim Worldwide Stocks (All Country)''.

The company's official page as of June 18, 2026 states that this fund is a ``domestic/foreign/stock/index-type'' incremental investment trust, has no commission fees at the time of purchase, and is eligible for accumulation investment limits and growth investment limits.

The reasons why All Country is generally well-received are as follows.

Of course, All Country also has risks.

Even if we say global stocks, they are still stocks, so if the stock market as a whole goes down, it will go down significantly. It is also affected by exchange rates. When the US ratio is high, US stocks are substantially affected.

"Decentralized" and "secure" are not the same thing.

Why is All Country graduation such a hot topic?

After a few years of investing, you'll start to feel more uncertain than your initial sense of security.

• I feel bored with only global stocks
• S&P500 and NASDAQ look stronger
• I want to buy AI-related stocks and semiconductors stocks
• I want to receive dividends from high-dividend stocks
• ETFs look cooler
• Investors around me seem to be doing more sophisticated things.

What comes to mind here is the anxiety of ``Is it okay to just be an orkan?''

In fact, as you become more familiar with investing, your product knowledge will also increase. US stocks, high-dividend stocks, bonds, REITs, gold, individual stocks, themed ETFs. The more options there are, the less one global stock seems to be enough.

However, having more options and being able to make good investment decisions are two different things.

When it comes to investing, there are some situations where it's more dangerous when you know something a little more than when you don't know something. The reason is simple: it makes you feel like you might be able to beat the market average.

Main patterns of All Country graduation

Proceed to individual stock investment

Individual stocks are a way to invest directly in specific companies.

The target range is wide, including AI-related stocks, semiconductors stocks, growth stocks, Japanese high ROE companies, and shareholder-benefit stocks.

Individual stocks are fun. You will also develop the ability to read companies.

However, there is a difference between being fun and being good for building assets. It depends on the person whether it is worth cutting back on time for work, housework, family, and study.

Go to high-dividend stocks

High-dividend stocks are investments that emphasize cash income in the form of dividends.

Even if the valuation goes up or down, some people find it easier to continue investing because they receive dividends. It also makes it easier to imagine future withdrawals.

However, there are some caveats to high-dividends.

• The reason for the high-dividend yield may be due to concerns about business performance.
• There is a risk of dividend reduction or no dividend
• Tends to be biased towards specific industries
• Receiving dividends does not necessarily lead to maximizing total returns

It's not a matter of "peace of mind because there are dividends." Dividends are funded by company profits, and stock price declines and dividend cuts are common occurrences.

Proceed to concentration on US stocks

Some people increase their ratio from All Country to S&P500, NASDAQ100, etc.

American companies have a large global presence in areas such as technology, cloud, AI, consumption, and finance. Given that US stocks have been strong over a period of time in the past, it's natural to be attracted to a concentration in the US.

However, concentrating on US stocks is also a choice that weakens regional diversification.

All Country also includes many US stocks. If you add the S&P 500 to that, the proportion of large-cap U.S. stocks, especially large-cap tech, becomes even higher.

All Country
  Already contains a lot of US stocks

All Country + S&P500
  The US ratio will further increase

All Country + NASDAQ100
  Closer to large US growth tech companies

This is not a bad thing. If the United States has a strong view, it is one design.

However, it is important to understand that ``even though you are diversifying, you are increasing risk in the same direction.''

Move to ETF focus

Some people move from mutual funds to ETFs.

ETFs have the following characteristics: they can be bought and sold on exchanges, their expense ratios are low depending on the product, and the flow of distributions is easy to see.

On the other hand, ETFs may require more effort than investment trusts.

It's not that ETFs are bad. However, if people who want to reduce their time and effort switch to ETFs, they may find it difficult to continue doing so.

increase bonds and cash

This is more of a risk adjustment than a "graduation."

All Country-centered management carries significant stock risk. Depending on your age, family structure, home purchase, education expenses, and retirement age, increasing the proportion of bonds or cash may be a better option.

The purpose of this review is not to increase returns, but to increase durability in the event of a decline.

It's not flashy, but it's actually a pretty important option.

Pitfalls of graduating from All Country

Trying to beat the market average and losing

If you move away from index investing, you will need to make your own decisions to beat the market average.

This is not easy.

S&P Dow Jones Indices' SPIVA is a well-known study that compares the performance of active funds and indexes. SPIVA Japan Year-End 2025 reports that over 80% of Japan's actively managed funds underperformed their respective benchmarks in many categories in 2025.

This does not mean that no individual investor can win.

However, continuing to outperform the market average is not easy, even for professionals. I want to look at that calmly.

Increase in number of sales

If you're focused on All Countrys, there's not much to do.

Build up every month. Look at your household budget and asset allocation once a year. This is basically it.

That won't happen after graduation.

• View financial results
• Watch news
• Explore the industry
• View dividend policy
• Decide whether to buy more or sell
• Think about how to use NISA allowances

The more things you do, the more mistakes you make.

Good if investing is your hobby. However, if you are only investing as a means of building assets, you should consider whether the effort is really necessary.

Taipa gets worse

One of All Country's strengths is that it requires less investment time.

If you move on to individual stocks or thematic investing, you'll have more time to research. Financial results, charts, news, industry structure, foreign exchange, interest rates. There's no end to it if you want to see it.

Even if the return is a little higher, some people might be better off spending 100 or 200 hours a year on their main job, side job, qualifications, family, or their health.

I want to see the results of my investment not only in terms of returns, but also in terms of time costs.

Overlapping risks

When purchasing additional items for All Country, the contents may overlap even though they are distributed.

Even if the product name is different, if the contents are similar, the diversification effect will not increase as much as expected.

If you are thinking about graduating, you need to first take a look at the products you own.

Someone you can really consider graduating from

The following people may consider graduating from college.

• Be able to explain investment objectives in words
• Can explain what is added to All Country and why.
• Understand the increased risks
• Have time to read financial statements and product materials
• Has rules to continue even if the price declines
• You can try as long as it doesn't affect your life even if you fail

The most important thing is the reason for adding it.

I want to generate dividend income
I want to intentionally increase the US ratio
I want to learn individual company analysis
I want to lower my stock ratio towards retirement.

If there is a purpose like this, it will be an adjustment of operational policy rather than a graduation.

People who don't have to graduate

On the other hand, the following people are completely rational even if they continue with All Country.

• I don't want to waste time investing
• I want to prioritize time with my day job and family.
• I don't want to get confused when choosing a product
• Aimed at building long-term assets
• It's easy to feel anxious when watching market news
• Unable to explain the reason for additional investment

Holding on to All Country is not a beginner's compromise.

Rather, it is designed to prevent investment from becoming the center of one's life.

The Financial Services Agency's NISA special website also lists household budget management, life planning, and long-term, savings, and diversified investments as the basics of asset formation. Before making investing complicated, it is better to see if this foundation has collapsed.

Core-satellite concept

There's no need to suddenly sell all All Countrys.

The most commonly used strategy is the core-satellite strategy.

For example, the following distribution is easy to understand.

This is not a recommended ratio. This is just an example of how to think.

The important thing is to keep the satellites within a range where even if they fail, the overall asset formation will not be destroyed. The satellite becomes fun and before you know it, it swallows the core. Many people stumble here.

Checklist before graduation

Before I think about graduating from All Country, I would like to answer the following questions.

1. Why All Country alone is not enough
2. What risks does the product you add increase?
3. Can you hold the product even if it drops by 30%?
4. Are there standards for selling and buying more?
5. Do you have the time to operate it?
6. Will it put pressure on household budgets and livelihood defense funds?
7. Are the contents overlapping with existing All Country?

If you're stuck on an answer here, there's no need to rush.

When it comes to investing, deciding not to start something is sometimes more difficult than deciding to start something.

Points that beginners tend to misunderstand

All Country is for beginners

All Country is easy to handle even for beginners.

However, it is not only for beginners. Even among people who are knowledgeable about investing, there are people whose core focus is on global stocks. The reason is not because it's easy, but because it's easy to disperse around the world at low cost.

Returns increase after graduation

Once you graduate, the return you can aim for may increase.

At the same time, risks also increase. Concentrated investment, stock selection, buying and selling timing, exchange rates, liquidity, taxes, and effort. Returns are not the only thing that increases.

All Countrys are weak because they are boring.

Boredom can be an asset in long-term investing.

You don't have to see it every day. There is no need to change the policy significantly. It won't interfere with your life other than investing.

When it comes to investing, designs that are boring and easy to maintain may last longer.

summary

Graduation from All Country refers to a shift from investment centered on global stock indexes to a combination of investment such as individual stocks, high-dividend stocks, ETFs, and concentrated US stocks.

The points to keep in mind are as follows.

• Graduating from All Country does not necessarily mean improving your investment level.
• Think of it as a design change that increases risk and effort, rather than graduation.
• Individual stocks, high-dividend stocks, ETFs, and concentration on US stocks each have their own advantages and disadvantages.
• Holding global stocks can also be a perfectly rational choice
• If you're going to try it, it's easier to manage if you start small with core and satellites.

The important thing in investing is not to own difficult products.

It should be something that suits your goals, fits within your household finances, and can be continued for a long time. It's not so much about whether or not you'll graduate from All Country, but rather why you're changing and whether you can continue after changing. I would like to judge based on whether or not I can explain that.

reference

• Mitsubishi UFJ Asset Management "eMAXIS Slim Worldwide Stocks (All Country)", confirmed June 18, 2026. https://www.am.mufg.jp/fund/253425.html
• Financial Services Agency "Basics of Asset Formation", confirmed June 18, 2026. https://www.fsa.go.jp/policy/nisa2/invest/
• Financial Services Agency "NISA Special Website", confirmed on June 18, 2026. https://www.fsa.go.jp/policy/nisa2/
• S&P Dow Jones Indices "SPIVA Japan Year-End 2025", confirmed June 18, 2026. https://www.spglobal.com/spdji/en/spiva/article/spiva-japan/