Past performance is not a guarantee of future results.
No investment strategy can assure a profit or protect against loss. Diversification does not assure a profit or protect against a loss in a declining market.
1 International Monetary Fund’s Regional Economic Outlook: Asia and Pacific, April 2015
3 Source: FactSet from 12/31/1997 to 06/30/2017; this data is since inception of the MSCI AC Asia ex-Japan Value and Growth indices. Annualized relative performance over a five-year rolling period. Past performance is not a guarantee of future results. Rolling periods represent a series of overlapping, smaller time periods within a single, longer-term time period. For example, over a 20-year period, there is one 20-year rolling period, eleven 10-year rolling periods, sixteen 5-year rolling periods, and so forth.
Value stocks are represented by the MSCI AC Asia ex Japan Value Index. Growth stocks are represented by the MSCI AC Asia ex Japan Growth Index. One cannot invest directly into an index. For each period, relative performance was calculated by subtracting the annualized 5-year returns of the MSCI AC Asia ex Japan Growth Index from the MSCI AC Asia ex Japan Value Index. A negative result in this calculation indicates that growth outperformed while a positive result indicates that value outperformed.
The MSCI AC Asia Pacific ex Japan Index with net dividends captures large and mid cap representation of developed and emerging markets in the Asia Pacific region, excluding Japan. Data prior to 2001 is gross dividend and linked to the net dividend returns.
The MSCI AC Asia ex Japan Growth Index with gross dividends measures the equity market performance of developed and emerging markets in the Asia region excluding Japan. The five attributes for growth index construction are: long-term forward earnings per share (EPS) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, long-term historical sales per share growth trend.
The MSCI AC Asia ex Japan Value Index with gross dividends measures equity market performance of developed and emerging markets in the Asia region excluding Japan. The attributes for value index construction are book value to price, 12-month forward earnings to price, and dividend yield.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes, differences in financial reporting standards and less stringent regulation of securities markets which may result in greater share price volatility.
This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.