July 2015 Portfolio Notes

PDF imageCountry Portfolio Notes July 2015

June Comments

  • The MSCI ACWI was down ā€2.35% in June, but still closed the
    quarter up 0.35%.
  • On the year, China is still the best performing country in our model,
    up 14.65%.
  • The United States completed the second straight quarter of
    underperformance relative to international markets.

July Rankings

  • Germany is the only Euro based country with an overweight
    position.
  • In addition to currency hedging in Japan and Germany, we are
    now hedging Won exposure in South Korea.

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