U.S. stock markets are at record highs as investors pay a high multiple for earnings growth, but some investors are taking profits and investing them overseas.

Mark Mobius, executive chairman of Templeton Emerging Markets Group, said foreign currencies are getting stronger against the U.S. dollar, which makes stocks in foreign countries more valuable in dollar terms. He said India and China are showing strong growth, while Brazil is bouncing back from a deep recession.

Stocks would get an additional boost if President Donald Trump is able to follow through on his campaign promises to cut taxes and regulation and to boost spending on roads, bridges and airports. So far, his pledge to replace Obamacare has gotten bogged down as congressional Republicans squabble over healthcare reforms.

“We’re hoping that Trump policies would result in higher growth in the U.S. which would help everybody, but as it turns out I think money is probably retreating from the U.S., taking some of the profits out of the U.S.,” Mobius said on CNBC. “The U.S. market is still doing well. But people are taking money out of U.S. markets and putting it into overseas markets.”

The Hang Seng Index has risen 25 percent in the past year, compared with the S&P 500’s gain of 14 percent. Brazil’s Bovespa index has gained 15 percent in that time, while China’s Shanghai Composite has risen 9.9 percent and India’s BSE Sensex has climbed 16 percent.

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