---
title: "August 2015 Portfolio Notes"
url: https://accuvestblog.com/2015/08/13/august-2015-portfolio-notes/
description: "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.."
published: 2015-08-13
updated: 2015-08-13
---

# August 2015 Portfolio Notes

Published 2015-08-13

August 13, 2015 · by [David A](https://accuvestblog.com/author/accuvestblog/) · Filed under [Portfolio Notes](https://accuvestblog.com/category/portfolio-notes/)

Issue attachment (not archived)Country Portfolio Notes August 2015country-portfolio-notes-august-2015.pdf

**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.