July's Top-Performing Country ETFs: This Nation Led Global Equity Rally, And It Wasn't China
Portfolio Pulse from Piero Cingari
July saw strong gains in global equity markets, with some countries posting double-digit monthly returns. The SPDR S&P 500 ETF Trust (NYSE:SPY) outperformed the iShares MSCI All Country World Index Ex-US ETF (NYSE:ACWX) in 2023, but underperformed global equities in July. Top performing country ETFs in July included iShares MSCI Poland ETF (NYSE:EPOL), SPDR S&P China ETF (NYSE:GXC), iShares MSCI South Africa ETF (NYSE:EZA), VanEck Vietnam ETF (NYSE:VNM), and iShares MSCI Turkey (NYSE:TUR).
July 31, 2023 | 9:26 pm
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NEGATIVE IMPACT
ACWX underperformed SPY in 2023 and global equities in July.
The iShares MSCI All Country World Index Ex-US ETF (ACWX) has been underperforming the SPDR S&P 500 ETF Trust (SPY) in 2023 and also underperformed global equities in July. This could be due to various factors, including changes in economic policies and market sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
SPY outperformed ACWX in 2023 but underperformed global equities in July.
The SPDR S&P 500 ETF Trust (SPY) has been performing well in 2023, but it slightly underperformed global equities in July. This could be due to various factors, including changes in economic policies and market sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
EPOL performed well in July, with a monthly return of 9.4%.
The iShares MSCI Poland ETF (EPOL) had a strong performance in July, with a monthly return of 9.4%. This could be due to positive developments in Poland, including a strong stock market and easing inflation.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
EZA performed well in July, with a monthly return of 11.7%.
The iShares MSCI South Africa ETF (EZA) had a strong performance in July, with a monthly return of 11.7%. This could be due to positive developments in South Africa, including a strong stock market and rising momentum of commodities.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
GXC performed well in July, with a monthly return of 10%.
The SPDR S&P China ETF (GXC) had a strong performance in July, with a monthly return of 10%. This could be due to positive developments in China, including increased policy support and measures to prop up the domestic real estate sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
TUR performed well in July, with a monthly return of 17%.
The iShares MSCI Turkey (TUR) had a strong performance in July, with a monthly return of 17%. This could be due to positive developments in Turkey, including a significant shift in the country's economic policy and a bold reversal from its previous ultra-loose and unorthodox approach.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
VNM performed well in July, with a monthly return of 13.07%.
The VanEck Vietnam ETF (VNM) had a strong performance in July, with a monthly return of 13.07%. This could be due to positive developments in Vietnam, including continued foreign direct investment and a strong rebound in the tourist sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100