November Country Rankings

Country Portfolio Notes November 2017

  • Germany has been a highlight all year, and has consistently stayed in the top five of our rankings. This month, Germany exhibits the #2 rank from a Risk view, with some big improvements in their CDS spread levels over the last month. They also have the 2nd best improvement in downside volatility in the last 30 days. Germany has a better than avg. Price to Cash Earnings ratio (8.9x vs a country average of 11x).
  • Sweden has seen a recent surge in economic activity (2 month change in PMI +3.4 points) while also carrying the 3rd highest ROE (15.1% vs. a country avg. of 10.7%). Korea stands out as an attractive value play, with the best P/B ratio (1.2x vs. a country avg. of 2x) and the 2nd best Long Term EPS growth trend (24.1% vs a country avg. of 13.1%).
  • Global equities climbed higher in October, with the MSCI ACWI up 2.08%. The average country was up a 1.41%, and the range of returns for October, between countries, was 16%.
  • The United States was up 2.26%. Japan was up 4.61%, as was Europe as a whole, up 0.47%. EM was up 3.51%%. Japan and EM were the best performing regions during October.

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