Nat Kellogg, CFA
President, Director of Manager Search
This week’s COW looks at the year-to-date returns of the major international markets (Europe, Japan, and Emerging Markets) through September 25, 2013. This chart disaggregates the returns that U.S. investors have realized so far this year between the currency return and the local stock market performance. While the depreciation of the Yen has helped drive the Japanese stock market to levels not seen since the late 1980’s, U.S. investors have only partially benefitted from the strong Japanese equity returns because of the fall in the Yen relative to the U.S. dollar. Interestingly, weak emerging market currencies were a theme for most of 2013, but with the Fed’s recent decision not to start tapering their quantitative easing (QE) program in September, emerging market currencies and equities have rallied significantly, pulling the year-to-date U.S. investor return close to even.
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