Abstract
It is important for investors to assess both their direct and indirect exposures to geographical regions. Even if investment managers are constrained to stocks in the developed markets, they also may have significant exposure to other regions, including emerging markets. An analysis of a company’s revenue sources can help reveal indirect emerging market exposure. In this article, we analyze a universe of Large Cap European equity managers and, through a lens of EM revenue exposure, examine the size, value, forecast growth, and historical performance of their portfolios. We find that, for the period September 2008 through December 2012, managers separated into terciles by percent of EM revenue have noticeable differences in the aforementioned exposures and performance.
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