April 2015 Portfolio Notes

PDF imageView the full April 2015 Portfolio Notes here.

apr.15.countriesMarch Comments

  • The MSCI ACWI was down -1.55% in March and only 25% of the countries in the model had positive returns. The range of returns between countries stayed fairly wide at 21.57%.
  • Dollar strength is continuing to impact investment returns. The currency impact on international equities cost dollar based investors 2.46% last month.
  • Performance in Chinese equities has played a major role in the recent strategy outperformance. China is up 24.0% over the last 12 months while the average country is down -2.38%.

April Rankings

  • The regional impact from China and Japan has helped strengthen the case for Hong Kong which is now the #3 country in the model.
  • The US has continued to move slowly down the rankings and is moving towards a neutral allocation. If international continues to show increased momentum, we would expect the US to settle in the middle of rankings during the second quarter.

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