Country Ranking Model - January 2022
January Country Rankings
Norway (#1): Norway remains in first place with very strong fundamentals, valuations and risk. Norway’s economy looks resilient as global economic growth decelerates. Export revenue from energy commodities reached a record of $170 billion in 2022 due to a combination of high prices and greater production. Gas production at last year’s elevated level looks sustainable until at least 2026 thanks to $30 billion of investment in new offshore fields. What’s more, Norway’s inflation slowed to 5.9% in December, the weakest pace in seven months, and is likely to reduce speculation that the central bank will be forced to extend its interest-rate hikes.
Brazil (#2): The Brazilian Real outperformed other Emerging Markets in Latin America in 2022 and the country continues to demonstrate very strong fundamentals. For example, ROE is the highest in our universe. Brazil is one of the world’s most important countries when it comes to mining, agriculture, and manufacturing but it also has a strong and rapidly growing service sector. Urbanization has led the city of São Paulo, in particular, to become one of the world’s major financial and commercial centers.
Chile (#3): Chile’s number 3 ranking is supported by the most attractive valuations in our universe. Price to Book and Earnings Yield in particular suggest that Chile is a bargain. Additionally, Fundamentals and Momentum have improved since last month.
Country Performance
Data as of 12.31.2022
Source: MSCI
Country Ranking Model
As of 12.31.2022
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