As an investment analyst at a large asset management firm, you are tasked with assessing the performance of a newly launched global equity fund. This fund primarily invests in large-cap companies in developed markets.

The portfolio manager has proposed using the MSCI ACWI (All Country World Index) as the benchmark for performance evaluation. However, the fund has a significant allocation in the U.S. market along with a smaller allocation in Europe and Asia. Given the distinct market capitalization and sector exposures of these regions, you are required to evaluate whether the proposed benchmark is appropriate for the fund's strategy.