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Reimagining Country Investing

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Reimagining Country Investing

Jan 29, 2024

We reimagine country investing within a framework that reflects the current global environment, distinguished by a dynamic geopolitical map and deglobalization. Our analysis is intended as guidance to help institutional investors capture equity investment opportunities with promising growth trajectories and transformative potential. The framework also considers the risks and opportunities arising from a country’s or individual market’s macroeconomic path and from an investor’s desire to introduce sustainable-finance objectives into a globally diversified portfolio.

A historical comparison of risk-adjusted returns is an appropriate starting place for the analysis. From January 1988 through December 2023, all constituent markets in the MSCI ACWI Index, with the exception of Greece, posted a positive risk-adjusted return, albeit widely dispersed, across both developed and emerging markets.

Annualized risk and return of the MSCI ACWI Index’s constituent markets

This exhibit shows the annualized return and risk for selected constituent markets of the MSCI ACWI Index from January 1988 through December 2023

Data is for the period from January 1988 through December 2023. Based on monthly returns. Gross returns are annualized in USD. The index inception date is considered the start date for indexes launched after 1988. We have excluded several constituent markets to simplify the exhibit. 


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Research authors

  • Rohit Gupta, Vice President, MSCI Research
  • Anil Rao, Executive Director, MSCI Research
  • Manish Shakdwipee, Executive Director, MSCI Research
  • Hitendra D Varsani, Managing Director, MSCI Research

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