January 09, 2023

process estimates the probabilities of the individual countries outperforming the world benchmark. Taking advantage of the additive properties of our strategy, we aggregate the individual countries stock markets and build up broader regional and/or stage-of-development indices to which we apply our strategy. Thus, given the countries’ stock market capitalizations, aggregating the individual country indices we can replicate the regional indices for the developed, emerging and frontier markets. The logical progression of the aggregation process leads to the construction of the broadest indices such as the world, and the world ex-US. The data shows something that we have already discussed. given the size of the US in the portfolio , the US allocation drives the relative performance between the global and international portfolio. In fact a purely domestic strategy during 2022 outperformed the global and international strategy by quite a bit. The US market declined 18.48% a large amount yet significantly less than the 24.71% decline posted by the international strategy. Sometimes it pays to stay on shore.

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