Here’s the portfolio broken down by where the companies are domiciled:
North American companies are just 22% of the portfolio—and the U.S. is actually just 8%. Indonesia, on the other hand, is the largest country of exposure, at 22%, with Australia and China coming in just behind. By revenue, the diversity here is even more apparent.
This breaks down the revenue from each individual firm to its source using Bloomberg data. It’s not a perfect way of doing things, but it does tell a story. North America becomes a small player in this version, and Asia and Australia dominate.