Investors expecting an economic boom under President Donald Trump are now bailing and taking their cash overseas, global investment guru Mark Mobius told CNBC on Tuesday.

“As it turns out, I think money is probably now retreating the U.S., taking some of the profits out of the U.S.,” the executive chairman at Templeton Emerging Markets Group said on “Squawk on the Street.”

“The U.S. market is still doing as well … but generally speaking, I think people are taking some profits and putting it into the overseas markets, including emerging markets,” said Mobius, as some of Trump’s legislative priorities — such as getting rid of Obamacare and reforming the U.S. tax code — have yet to get off the ground.

Mobius spoke as the Dow Jones industrial average hit another intraday record high Tuesday morning, taking aim at the 22,000 level for the first time ever. The Dow is coming off its strongest monthly performance since February, having risen 2.54 percent. The S&P 500 and Nasdaq were also higher Tuesday after three straight down sessions.

The Dow, S&P 500, and Nasdaq have notched recent record highs with investors shrugging off the turmoil in Washington and geopolitical tensions — focusing instead on a generally strong earnings season. Since election day, the Dow has gained nearly 20 percent as of Monday’s close; the S&P 500 has risen nearly 15.5 percent; and the Nasdaq has advanced 22.2 percent.

Regarding emerging markets, “we’re [also] really on a tear,” Mobius said. “Since the beginning of last year, emerging markets are outperforming. It looks like we’re going to continue to outperform going forward.”

Mobius attributes that outperformance in part to currencies getting stronger against the U.S. dollar and emerging market groups China and India growing at “6, 7, 8 percent, which is incredible, considering the size of those countries.” A popular emerging markets exchange-traded fund, the EEM, has gained over 25 percent year to date, he added.

“We’re in a pretty sweet spot at this stage in the game,” he said but cautioned some emerging market currencies are getting weaker.

Elsewhere overseas, Mobius said he’s still investing in some Russian companies despite additional proposed sanctions by Congress but acknowledged it will be difficult going forward if sanctions continue.