November 2015 Portfolio Notes
November 9, 2015 · by David A · Filed under Portfolio Notes
October Comments
• In a snapback from September, the MSCI ACWI was up 7.90% in October with all but four countries had positive performance. However, only three countries are in positive territory since the end of July (Belgium, Korea, and Mexico).
• The range of country returns on the year is 73% with the average country down -5.89%.
• Several currencies rallied against the USD in October, but nearly every currency has weakened during 2015. The only countries that have appreciated versus that Dollar this year are the Israeli Sheqel and the Swiss Franc.
• The overweight to the United States has been a consistent driver of outperformance, but the relative performance of FEX vs. the S&P 500 was a drag during October.
November Rankings
• Of the 23 Emerging Markets in the ACWI, we currently have overweights in only five (South Africa, China, Taiwan, Turkey, and Korea). We have 14% weight to EM in Global Core Equity and 28% weight in International Equity.
• China has moved back up in the rankings and has officially entered a bull market territory. China’s Shanghai Composite Index is up north of 20% since August 26th.