Yawn…The Median Stock In The World Is Flat YTD by Eric Bush, CFA, Gavekal Capital Blog
We are nearing the end of the 2015 and the median stock in the world (DM and EM combined) has gone absolutely nowhere (all returns are in USD). The good news for investors is that this is a significant improvement from the end of September when the median stock was down 10%.
If we look at returns based on DM and EM, we see that the median stock in the developed world is actually 2% higher YTD while the median stock in the emerging markets is down 9%.
The ExodusPoint Partners International Fund returned 0.36% for May, bringing its year-to-date return to 3.31% in a year that's been particularly challenging for most hedge funds, pushing many into the red. Macroeconomic factors continued to weigh on the market, resulting in significant intra-month volatility for May, although risk assets generally ended the month flat. Macro Read More
By region, the best performing DM region is DM Asia where the median stock is a healthy 7% higher, with DM EMEA having the second best performance at 3% and DM Americas having the worst performance with the median stock declining by 1%.
Switching to the emerging markets, the best region within EM has been by far EM Asia. The median stock there is only down 5% YTD. The median stock in EM EMEA is down 19% while the median stock in EM Americas is in a bear market down 22%.