You're talking about USD denominated returns and Michael is likely speaking about the nominal share change in base currency. For example, the Euro Stoxx 50 is up nearly 20% YTD (see http://www.bloomberg.com/quote/SX5E:IND) – in Euros. Recent bullishness of the dollar vs the euro, however, have tempered returns for USD-based investors.
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Fact-Checking Riverfront Investment Group’s CIO
You're talking about USD denominated returns and Michael is likely speaking about the nominal share change in base currency. For example, the Euro Stoxx 50 is up nearly 20% YTD (see http://www.bloomberg.com/quote/SX5E:IND) – in Euros. Recent bullishness of the dollar vs the euro, however, have tempered returns for USD-based investors.