The MSCI All Country World Index, with nearly 2500 constituents representing 23 developed and 23 emerging market countries, covers about 85% of the investable equity universe world-wide. It is, then, perhaps surprising to note that sustained outperformance over the last five years has been limited to only three countries from the developed market and just one from the emerging markets. Put another way, on a country basis, stocks have only outperformed (on a USD basis) the most broad equity benchmark in less than 10% of the world.
Developed Market Winners
Emerging Market Winner
Link to charts for all countries