July 2015 Portfolio Notes

Issue attachment (not archived)Country Portfolio Notes July 2015

June Comments

• The MSCI ACWI was down ‐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.