January Country Rankings

Country Portfolio Notes January 2018

  • All country returns for 2017 are positive in dollar terms. The top countries are Austria (58%), China (54%), and Poland (54%). The average country is up an amazing 30.24% in 2017.
  • For 2017, Poland consistently ranked in the top five of our rankings from a Valuation standpoint. Even despite the amazing 54% climb during 2017, Poland still is considered cheap, and we believe has more room to run.  It is currently our 5th most attractive market (out of 34 countries in the MSCI ACWI). Poland has the 3rd lowest Price to Book ratio, at 1.38x vs. a country average of 2.0x. It also has the lowest Price to Cash Earnings ratio at 5.6x vs a country average of 10.7x.

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