- 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,
- The United States completed the second straight quarter of
underperformance relative to international markets.
- Germany is the only Euro based country with an overweight
- In addition to currency hedging in Japan and Germany, we are
now hedging Won exposure in South Korea.