By Robert Casoni, head of European smaller companies research at SchrodersSalomonSmithBarney Sin...
By Robert Casoni, head of European smaller companies research at SchrodersSalomonSmithBarney Since the European Monetary Union (EMU), investors have downplayed the country effect and focused upon sector effects in building portfolios. Our European strategy team has pointed out recently that evidence this year suggests that country effects are regaining impact. Note the underperformance of Germany, down 45% year to date, compared with Switzerland down 24%, almost equivalent to the underperformance of the energy sector relative to the telecom sector. So, what are the explana...
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