this year international equity markets oscillated between sizable gains and equally sizable losses, with the continuing appreciation of the us dollar significantly reducing the returns to us-dollar-based investors unless their positions were suitably hedged.
looking at MSCI equity market indices, all country ex us performance year-to-date through december 19 th, in us dollar, reflected a decline of -8.37% , while in local currency terms there was an increase of +2.73%.
reflected