August 2015 Portfolio Notes
August 13, 2015 · by David A · Filed under Portfolio Notes
July Comments
- The MSCI ACWI was up 0.87% in July.
- China is still in positive territory on the year, up 2.31%.
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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.
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On the European front the biggest moves came from Germany, Norway, Netherlands, Austria, and Switzerland.
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The United States remains an overweight, but the valuations still look extended and the momentum has slowed significantly.