Though Korea yielded the best returns year-to-date of 11%, China was close behind at 10.6%.
Over the past month, China came out on top of the global equities category with returns of 3.5%.
Despite little evidence of the Trump rally slowing, the US only generated returns of 6.1% year-to-date and 3.3% in February.
And US equities remained the most expensive of any country included in the index with a P/E ratio of 18x.
Whereas Korean and Chinese valuations remained more attractive with a forward P/E of 9.3x and 12.1x The ACWI forward P/E is currently 15.9x
Although, on a one-month view, Canada’s returns were the worst at -2.1%, France and Germany also produced negative returns over the period (-0.5% and -0.6%, respectively) and France was at the bottom of the pack year-to-date (1.0%).
The UK barely scraped by in February, generating just 1.1%, and worryingly, did worse than France for the full year (11.4% versus 13.6%) as Brexit volatility and sterling weakness took their toll on British equities.
