Total return obtained by investing in the top ranked country indicated by EBI rules in each quarter during the prospective period (i.e. from 2015Q4 to 2020Q4). By the end of the period, EBI, MSCI World and MSCI Emerging Markets total returns are, respectively, 331%, 33.3% and 23.9%.
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Source: Own calculations (EBI) and Morningstar (MSCI indexes)