August 2015 Portfolio Notes

PDF imageCountry Portfolio Notes August 2015

July Comments

  • The MSCI ACWI was up 0.87% in July.
  • China is still in positive territory on the year, up 2.31%.
  • Our 3 countries with hedged exposure all outperformed. Japan (1.73% vs. 0.47%), Germany (3.56% vs. 2.69%), and Korea (‐3.53% vs. ‐8.04%).

August Rankings

  • China and Hong Kong both dropped double digits in the rankings.
  • On the European front the biggest moves came from Germany, Norway, Netherlands, Austria, and Switzerland.

  • The United States remains an overweight, but the valuations still look extended and the momentum has slowed significantly.

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