Fundamental Indexation and International Diversification
研究了用股息加权的基本面指数进行国际分散化投资的效果，发现其比市值加权指数每年多赚190个基点，但简单的股息率加权价值策略表现更好。
Just as fundamental indexation is novel and controversial, international diversification is traditional and widely accepted. In this article, the author links both issues and evaluates a fundamental strategy of international diversification. Considering 16 country benchmarks that make up over 93% of world market capitalization and a 32-year (1974–2005) sample period, the results show that a dividend-weighted fundamental index outperforms a cap-weighted index by the substantial margin of 190 bps a year. If, however, investors are willing to abandon cap-weighted portfolios, the results also show that a simple value strategy which weights the same country benchmarks by dividend yield outperforms the dividend-weighted fundamental index by 170 bps a year over the same period. All the strategies evaluated by the authors can be easily implemented with widely available low-cost country index funds and exchange-traded funds. <bold>TOPICS:</bold> <ext-link>Passive strategies</ext-link>, <ext-link>equity portfolio management</ext-link>, <ext-link>in markets</ext-link>