Country Ranking Model - August 2024

August Country Rankings

Poland (#1): Poland remains in top spot overall this month with 7th-ranked fundamentals, 9th-ranked momentum, 25th-ranked risk and 1st-ranked valuations. Poland recorded the EU’s largest annual and quarterly GDP growth in the second quarter of 2024. In annual terms, Poland’s economy grew 4%, ahead of high flying Cyprus (3.7%) and Spain (2.9%) and well ahead of the EU as a whole, which grew by 0.8%. In contrast, the EU’s largest economy, Germany, shrunk by -0.1%. Along with these strong fundamental tailwinds, Poland’s cheap valuations continue to propel the country to the top of the rankings. Poland has the lowest PEG ratio in our universe for example.   

UK (#2): The UK moves into second place overall this month with 13th-ranked fundamentals, 10th-ranked momentum, 6th-ranked risk and 10th-ranked valuations. The country has maintained a steady pace of recovery from last year’s recession, putting new Prime Minister Keir Starmer on a strong economic footing as he looks to boost growth and repair public finances. GDP rose 0.6% in 2Q after an 0.7% gain in the first three months of the year, reflecting strength in government spending and the services sector. Britain is comfortably outgrowing other major European economies.

Norway (#3): Norway rounds out the top three this month with 14th-ranked fundamentals, 20th-ranked momentum, 8th-ranked valuations and an impressive 2nd place ranking in terms of risk. Norway’s low risk is driven by a stable political system, a decrease in semi standard deviation and a highly competitive Krone. Relative to the All-Country World Index, Norway’s equity market is concentrated in the energy sector. Equinor, the majority state-owned oil, gas and renewable energy provider is the largest company in the country by market cap

Country Performance:

Country Ranking Model

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