SOURCE: Russell Investments

Russell Investments

November 16, 2012 10:15 ET

The Russell Greece Index Returned 15.9% Year-to-Date as of 11/13/12 Despite Ongoing Financial Crisis & Volatility

SEATTLE, WA--(Marketwire - Nov 16, 2012) -  The Russell Greece Index posted a 15.9% return year-to-date through November 13, 2012 in the face of current ongoing deliberation of Eurozone leaders on the Greek bailout decision. In addition, year-to-date, the Russell Greece Index has outperformed both the Russell Developed Europe Index and the Russell Eurozone Index, which returned +14.8% and +12.9% respectively.

"The Greek equity market as defined by the Russell Greece Index has posted a positive return year-to-date, even though the Greek economic picture remains weak. Most likely it is a result of risk tolerant investors who believe the Greek market is being oversold and see an investment opportunity in the country," said Gareth Parker, director of research and product development for Russell Indexes Europe. "The 'good news bad news' scenario of the pending Greek bailout and the announced exit of Coca-Cola Hellenic from the Athens Stock Exchange may induce more volatile returns from the Greek equity market."

Greece's equity market recently received news that Coca-Cola Hellenic, which accounts for 23.8% of the Russell Greece Index (as of 11/13/12), has decided to start listing on the London Stock Exchange beginning next year. The company is also relocating its headquarters from Greece to Switzerland.

Standout country performers within the Russell Developed Europe Index year-to-date as of 11/13/12 include Belgium (+31.3%), Denmark (+27.0%) and Austria (+22.9%). Interestingly, all five countries within the Russell Developed Europe Index that are not part of the Eurozone (Switzerland, Denmark, the United Kingdom, Norway and Sweden) have outperformed the Russell Developed Europe & Russell Eurozone Indexes, with year-to-date returns ranging from +15.5% to 27.0%.

2012 Year-to-Date Performance - Russell Developed Europe & Russell Eurozone Indexes & Countries

Index / Country Constituent   November as of 11/13/12   4th Qtr as of 11/13/12   Year-To-Date as of 11/13/12
Russell Developed Europe Index   0.12%   0.82%   14.79%
Russell Eurozone Index   -0.36%   0.96%   12.96%
Austria   0.01%   4.93%   22.87%
Belgium   1.37%   0.25%   31.25%
Switzerland   1.51%   3.03%   15.55%
Germany   -1.22%   -0.15%   21.96%
Denmark   -0.12%   -1.44%   26.97%
Spain   -1.86%   0.70%   -4.18%
Finland   -0.48%   1.59%   7.58%
France   0.09%   1.84%   14.25%
United Kingdom   0.39%   0.61%   16.27%
Greece   -4.69%   1.46%   15.89%
Ireland   0.61%   -1.75%   17.13%
Italy   -1.32%   1.81%   6.70%
Luxembourg   1.63%   0.48%   4.40%
Netherlands   1.00%   1.40%   7.28%
Norway   -1.60%   -2.90%   18.36%
Portugal   -1.08%   2.32%   0.67%
Sweden   -0.15%   -3.12%   15.90%
             

Source: Russell Investments
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