- The MSCI ACWI was down -0.13% in May and is now up 5.14% on the year.
- On the year international markets are still outperforming the US by 3.61%
- Hedging currency exposures was key in May, as it added roughly 2.0% to returns.
- The main countries we have hedged exposure to are Japan, Germany, and Brazil.
- Asia remains the largest regional overweight across our portfolios.