Country Ranking Model - March 2023
Source: MSCI
March Country Rankings
Italy (#1): Italy remains in first place with excellent Momentum (ranked 5th), attractive Valuations (5th), strong Fundamentals (9th) and low Risk (12th). Italy’s cheap valuations can be seen in its price to book ratio of only 1.2 and its strong price momentum is reflected in technicals that are giving strong buy signals. Blue chip stocks and the Old Economy are well represented in the in the MSCI Italy 25/50 Index with the Financials, Utilities and Energy sectors constituting nearly 60% of the index.
Austria (#2): Austria has risen from 12th place at the beginning of the year to second place this month. Encouragingly, while Fundamentals, Momentum and Risk have all improved, Valuations have remained cheap. Austrian GDP grew by an impressive 5% in 2022, exceeding the eurozone’s reading of 3.5%. While no country would be completely immune to a potential global economic downturn in 2023, Austria’s improved sentiment indicators in the manufacturing sector, amid a significant fall in energy prices and easing supply chain problems, suggest that Austria will continue to enjoy a healthy economy.
Norway (#3): Norway rounds out the top 3 for the month of March. While the country has 1st ranked Risk and 4th ranked valuations, it is held back by poor Momentum (ranked 31st). Norway has the second lowest CDS after Switzerland and its currency, the Krone, is the most competitive in our universe.
Country Performance
Data as of 2.28.2023
Source: MSCI
Country Ranking Model
As of 2.28.2023
Disclosures: This information was produced by and the opinions expressed are those of Accuvest as of the date of writing and are subject to change. Any research is based on Accuvest proprietary research and analysis of global markets and investing. The information and/or analysis presented have been compiled or arrived at from sources believed to be reliable, however Accuvest does not make any representation as their accuracy or completeness and does not accept liability for any loss arising from the use hereof. Some internally generated information may be considered theoretical in nature and is subject to inherent limitations associated therein. Any sectors or allocations referenced may or may not be represented in portfolios of clients of Accuvest, and do not represent all of the securities purchased, sold or recommended for client accounts.
The reader should not assume that any investments in sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. The use of tools cannot guarantee performance. The charts depicted within this presentation are for illustrative purposes only and are not indicative of future performance. Past performance is no guarantee of future results. Actual results may vary based on an investor’s investment objectives and portfolio holdings. Investors may need to seek guidance from their legal and/or tax advisor before investing. The information provided may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.