The AAII Pittsburgh Chapter presents...
"Intelligent International Investing: Choose Your Countries Carefully "
Discussed by:
Audrey H. Kaplan
Senior Vice President, Senior Portfolio Manager and Co-Head of the International Equity Management Team, Federated Investors
The now-classic mantra of diversity works well across global stock markets: A varied international equity portfolio (more than 40 – 50 stocks) can eliminate most of an investor’s stock-specific risk. Of the remaining volatility (risk), however, research shows that decisions regarding country and currency account for the bulk. Between any two international fund managers, in fact, country allocations account for most performance differences. Finally, macroeconomic events—the most recent example being the European sovereign debt crisis—have also influenced returns over the past few years and only emphasized international differences. To maximize international returns, even investors holding diversified portfolios can gain from a systematic approach to country allocation. Audrey Kaplan will delve further into this philosophy and outline a process designed to capture alpha through informed, top-down decisions. She will describe how to select countries with the strongest fundamentals and then find the best stocks within those markets. Join us to master this strategy and improve your own performance.
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