Countries used in the analysis, returns and performance of EBI

Countries / regions considered (41 Morningstar categories)

Advanced Economies (22)	Emerging Markets (11)	Regions (8)
Austria; Australia & New Zealand; Canada; Denmark; France Large Cap; Germany Large Cap; Germany Small & Med. Cap; Italy; Japan Large Cap; Japan Small & Med Cap; Korea; Netherlands; Norway; Singapore; Spain; Sweden; Switzerland Large Cap; Switzerland Small & Med Cap; UK Large Cap; UK Small & Med Cap; USA Large Cap Value; USA Small Cap	Brazil; China; Hong Kong; India; Indonesia; Russia; Taiwan; Thailand; Turkey; Vietnam	Africa; Asia; Eastern Europe excluding Russia; Eurozone Large Cap; Eurozone Small Cap; Latinamerica; Middle East & North Africa; Nordic Countries

Starting in 2017q1, "Nordic Countries" replaced Portugal

Country or region ranked first (return and ranking)

Top choice according to EBI, its return and actual ranking among 41 countries/regions

Period	Country / Region	Return (%)	Ranking
2015q4 2016q1 2016q2 2016q3 2016q4 2017q1 2017q2 2017q3 2017q4 2018q1 2018q2 2018q3 2018q4 2019q1 2019q2 2019q3 2019q4 2020q1 2020q2 2020q3 2020q4 2021q1 2021q2 ​2021q3 ​2021q4	​Indonesia Brazil Brazil Brazil Portugal Italy China Russia China Brazil Norway Norway Turkey Thailand Turkey Eurozone S Cap USA S Cap Denmark Eurozone L Cap Indonesia Indonesia Indonesia Austria ​Turkey Turkey	21.2 19.2 15.3 10.6 4.3 9.0 2.2 11.8 5.8 6.6 12.0 6.1 4.5 9.4 2.0 -2.0 5.6 -16.8 15.9 -9.3 27.4 -2.0 8.9 3.8 ​-8.4	1 1 1 7 20 11 18 2 10 2 2 3 4 25 21 37 22 5 22 39 2​ 38 9 10 ​41

Note: Returns in € obtained from Morningstar

Comparison with benchmarks

Returns in euros (%)