Why is international value doing so well recently?

While everyone is chasing AI, international value has kept pace with QQQ since 2024. I know there's some currency moves in there for USD investors, but I otherwise can't really explain why the sleepy sectors of the sleepy geographies have woken up. Don't get me wrong, I like it. I just don't understand it.

1/1/2024 cumulative return:

QQQ: 83%

DFIV: 75%

If you look since 2025, DFIV beats QQQ by 17% cumulative.

[https://testfol.io/?s=1FXTlUzz21P](https://testfol.io/?s=1FXTlUzz21P)