They probably feel that they see better opportunities, and are...

They probably feel that they see better opportunities, and are frusted by the way the US market seems to defy the world markets.
The ASX is not going to follow the US market when they can clearly see how manipulated it is.
There will come a point where the majority of US holders all decide to dump, and the FED will have to let the flood gates open.
I see it as a elastic band strectching, the longer they hold it back the harder the fall will be.
The affects of the rising interest rates in the US are not showing in the economic data yet, at this stage we have seen the main changes hitting the tech sector and consumer stocks like Walmart, banks are nervous, but the FED has sured that up for now. Real estate is the big one to watch.