---
title: "April 2015 Portfolio Notes"
url: https://accuvestblog.com/2015/04/13/april-2015-portfolio-notes/
description: "March 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."
published: 2015-04-13
updated: 2015-04-13
---

# April 2015 Portfolio Notes

Published 2015-04-13

April 13, 2015 · by [David A](https://accuvestblog.com/author/accuvestblog/) · Filed under [Portfolio Notes](https://accuvestblog.com/category/portfolio-notes/)

### Issue attachment (not archived)View the full April 2015 Portfolio Notes here.country-portfolio-notes-april-2015.pdf

### March 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.