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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Author: mungofitch ✹✺🐝 SILVER
SHREWD
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Number: of 86252 
Subject: Re: Fund, MEWD
Date: 08/16/26 5:59 AM
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> > 5-6% of the fund is US stocks (liquidity?).
...
Scroll to 'Fund Country exposure'


I looked into this.
It appears to be a difference of how companies are assigned to countries: once for index inclusion (they have to be deemed European at this step, presumably done by MSCI), then separately for reporting country breakdown (perhaps by Invesco?)

It looks like most of the firms categorized two different ways have predominantly European operations but have moved their primarily listing to a US exchange.
Linde plc, CRH plc, Ferguson plc, Flutter Entertainment plc. Some have moved their head offices, but are still in essence European firms.

Intrestingly, JustEFT reports it differently, without any visible US presence. I don't know if they look at each company individually and recalculate the breakdowns, or (perhaps more likely) take something from MSCI. But they come up with this:
United Kingdom    16.29%
Germany 12.91%
France 12.82%
Switzerland 10.60%
Sweden 9.31%
Netherlands 7.19%
Italy 5.93%
Spain 5.23%
Denmark 3.78%
Finland 3.15%
Belgium 2.65%
Norway 2.61%
Ireland 1.92%
Austria 1.34%
Luxembourg 1.32%
Other 2.95%


Jim
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