- 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%).
- 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.