---
title: "December 2014 Country Rankings"
url: https://accuvestblog.com/2014/12/09/december-2014-country-rankings/
description: "Notable Moves to the Upside… Spain… moved from an underweight position to a neutral weighting. Valuation metrics and fundamentals both showed improvements in November.."
published: 2014-12-09
updated: 2014-12-09
---

# December 2014 Country Rankings

Published 2014-12-09

December 9, 2014 · by [David A](https://accuvestblog.com/author/accuvestblog/) · Filed under [Monthly Portfolio Notes](https://accuvestblog.com/category/monthly-portfolio-notes/)

Issue attachment (not archived)Read the full Country Ranking here.country-portfolio-notes-12-2014.pdf

###### Notable Moves to the Upside…

- **Spain…** moved from an underweight position to a neutral weighting. Valuation metrics and fundamentals both showed improvements in November. Spain has the highest growth in EPS over the last year and has the 4th highest dividend yield at 4.55%.
- **Japan…** climbed 10 spots and is currently ranked 10th overall. Japan has been the #1 performing country in local currency over the last 6 months, up 18.72%. Hedging the currency has been a smart choice as Japan is only up 1.78% in USD during that same stretch.

###### Notable Moves to the Downside…

- **Mexico…**fell 11 spots and is currently ranked 20th overall. Fundamentals weakened and momentum slowed in November. Mexico remains the most expensive country we follow with a trailing P/E of 21.25 and a forward P/E pf 17.91.
- **Norway…** fell 5 spots in the latest rankings, despite still having the best valuation ranking and a top 5 risk profile. They were the worst performing country in November, primarily due to their 31% exposure to oil and energy companies