February 2015 Portfolio Notes

PDF imageView the full February 2015 Portfolio Notes here.

feb.15.countriesJanuary Comments

  • The MSCI ACWI was down -1.56% in January, but just over half of the countries had positive returns for the month. The US was down -2.85%, which significantly brought down the benchmark index.
  • USD strength had a major impact on international ETF investments in January. The average country was down -0.65% in USD for the month, but up 2.44% in local currency.
  • India continues to show strong performance. They were the best performing country in January, up 7.94% and have been the best performing market over the last 12 months, up 38.98%

February Rankings

  • The US fell out of the top 10 for the first time in several years. They are in the bottom third of all countries in both valuation and momentum.
  • Despite Turkey and China being at the top of the model, the majority of emerging countries are still towards the bottom of the rankings. We currently have no exposure to Latin America.

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