December Country Rankings

Our latest Country Rankings are out. See below for some general comments and click the link to see more details.

• Global equities were slightly positive in November, with the MSCI ACWI up 0.76%. The ACWI is up 5.58% YTD, with the average country up 4.14% YTD. The range of returns for the year, between countries, is 89.52%.
• Dispersion among country returns is increasing. Two of the last three months have exhibited ranges greater than 40%. The last time we had a greater than 40% range in a given month was in 2008.
• The United States continues to fall in our rankings. The United States is now currently ranked 15^th. It has a Price/Book ratio is 2.8x vs a country avg. of 1.8x, and a Forward 12 month P/E of 17.20x, with the country avg. at 14.10x

Issue attachment (not archived)December Country Portfolio Notes