TY - JOUR T1 - Cross-Industry and Cross-Country International Equity Diversification JF - The Journal of Investing SP - 65 LP - 71 DO - 10.3905/joi.2000.319401 VL - 9 IS - 1 AU - Stefano M.F.G. Cavaglia AU - Dimitris Melas AU - George Tsouderos Y1 - 2000/02/29 UR - https://pm-research.com/content/9/1/65.abstract N2 - This article shows that portfolios that aim to diversify across countries and across industries provide markedly better reward-to-risk ratios than the traditional asset allocation strategies that aim to select country positions and then index local broad market indexes. Country asset allocations are distinctly different under each strategy. The results hold across nationality of investors, across alternative benchmarks, and across alternative currency hedging strategies. ER -