January Country Rankings

  • More than half of the countries outperformed the MSCI ACWI index in December.The range of country returns was 22.80% in December with best performing country up 12.30% and the worst down -10.50%. For 2015, the range of country returns was 65%.
  • We decided to remove the hedge we had on the Korean Won and captured 400 basis points of excess return in the six months we held the position. We are closely monitoring our Yen and Euro hedges and believe the case for dollar strength relative to those currencies remains intact.
  • Despite the headline news, China has a very attractive profile from a fundamental and valuation basis. China exhibits solid data in P/E ratios over multiple time periods, EPS trends, and its OECD leading indicator numbers are attractive.

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