Our top scoring ADRs from one year ago (9/4/2013) have outpaced the EFA by 24.96% in the past year. Returns have been led by BMA up 90%, YPF up 87%, GGAL up 84%, and NOK up 67%.
The average ADR score is 56.47, above the four week moving average score of 55.76. The average ADR is trading -16.44% below its 52 week high, 1.57% above its 200 dma, has 4.26 days to cover held short, and is expected to post EPS growth of 17.85% next year.
Over the past ten years, the EFA has finished November higher than it begins September eight times, returning a median 6.27%. The following table breaks out EFA returns since 2004 for this 3-month period. I've also included the SPY for comparison.
The following chart shows the average over- or under-performance of the EFA relative to the SPY by month. Since 2004, the EFA has posted better-than-SPY returns in September.
This next chart shows the absolute returns for the EFA by month. Historically, the final four months have rewarded MSCI EAFE investors.
Here are the best and worst scoring ADRs this week:
The best scoring sector in our ADR universe is healthcare (WX, RDY, AZN, SHPG, PSDV, AMRN). Financials (RY, BMO, KB, RBS, PUK, ITUB, HBCGX, CIB, BMA, BBD, BAP) and basic materials (PZE, GFI, SNP, PTR, PBR, CNQ, YPF, PKX, CEO) also score above average. Utilities and services score below average. Technology, consumer goods, and industial goods score below average.
The best scoring zone is North America (RY, BMO, PSDV, CNQ, BCE, ECA), followed by Latin America (PZE, OMAB, BRFS, PAC, GOL, ITUB, CIB, BMA, BBD, BAP, PBR). The top scoring regions are North America, South Asia (INFY, PHI, TTM, PHI, IBN), and Latin America. Canada (BMO, RY, CNQ, ECA, BCE), Korea (KB, KT, LPL, KEP, SKM, PKX), Finland (NOK, MXCYY), Bermuda (SFL, SIG, AXS), and Argentina (PZE, BMA, YPF, BFR) are the top scoring countries.
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