Beyond Home Markets

Every Region is Different

Different regions have different issuers, a different balance of sectors, and are often at different points in their economic cycles, resulting in notable dispersion in their calendar-year returns. On average, since 2015, there were more than seven percentage points of difference between the returns of the top- and bottom-performing markets. The biggest difference was 11.2 percentage points, between the Sterling and Canadian dollar markets in 2016.

Calendar year total returns, in U.S. dollars, for seven individual credit markets, 2015 – 2024

Best

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CHF	3.3%	12.8%	5.9%	3.7%	12.8%	10.2%	-0.1%	-7.3%	12.2%	9.8%
CAD	2.7%	6.3%	4.8%	3.4%	11.2%	8.7%	-0.5%	-8.3%	10.8%	7.3%
JPY	1.3%	4.4%	4.4%	1.9%	9.4%	8.3%	-1.0%	-10.1%	10.6%	6.4%
AUD	0.7%	3.3%	4.3%	1.7%	8.5%	6.6%	-1.7%	-11.1%	9.9%	5.0%
GBP	0.0%	2.7%	3.0%	1.5%	7.7%	6.5%	-2.0%	-11.6%	7.9%	5.0%
EURO	-0.2%	2.6%	2.7%	-0.6%	7.3%	4.2%	-2.6%	-17.8%	7.4%	2.0%
USD	-0.9%	1.6%	2.5%	-5.3%	6.5%	2.6%	-3.1%	-18.1%	5.8%	0.3%

Worst

分散投资组合风险

Beyond Home Markets

Putting Put-Writing Into Perspective

Private Equity and the Polls

Make Your Money Move