Investor Presentaiton
Decomposition of Returns Across Japan, US, Europe,
and Emerging Markets
+ Multiples have expanded globally over the past decade with the greatest returns
from multiple expansion in the U.S.
+ With an explicit focus on improving corporate governance under "Abe-nomics",
Japan was the only market with positive returns from Margin Expansion
Trailing 10-Year Return Decomposition
15%
13.91%
2.19%
5.08%
5.52%
10%
3.66%
2.92%
7.20%
2.85%
3.65%
1.99%
2.46%
2.10%
5%
8.47%
7.80%
8.75%
4.94%
5.20%
0%
-2.64%
-2.12%
-2.09%
-0.40%
-4.01%
-1.63%
-2.49%
-5%
-2.58%
-10%
S&P 500
MSCI EAFE
■Multiple Exp.
MSCI EM
MSCI Europe
MSCI Japan
■Margin Exp.
■Sales Growth
■Dividend Ret.
Source: Wisdom Tree, MSCI, S&P, FactSet, 3/31/2011-3/31/2021. MSCI returns based on index net total returns in USD. S&P 500 returns based on index
gross total returns. Past performance is not indicative of future returns. You cannot invest directly in an index.
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