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10
Citi Depositary Receipts
CLDR 2001 — 2013 Performance
1,2
Citi Liquid DR Indices (CLDRs)
Citi Depositary Receipt Services maintains the Citi Liquid
DR Indices (CLDR) which are a useful tool to gauge market
sentiment. The Citi Liquid DR Indices are free-float, market-
cap weighted and include only those companies that have U.S.
exchange-listed ADRs or London-listed GDRs that are actively
traded. Citi Liquid DR Indices are distinctive in that they:
• Provide a timely gauge of international investor sentiment
toward non-U.S. markets at the end of day, considering
that all of their constituent stocks trade in the U.S. and/or
London time zones.
• Include one of the few publicly available DR indices for Asia
Pacific ex-Japan and Asia Pacific Growth Economies.
• More completely capture U.S. and international investor
sentiment toward emerging markets by including London
traded GDRs, unlike other DR indices.
In 2013, the S&P 500 outpaced all CLDR Indices. Among
the CLDR Indices themselves, the EuroPac Liquid DR Index
outperformed all others.
Since its inception in 2001, all Citi Liquid DR Indices except the
EuroPac Liquid DR index have been outperforming the S&P
500 by a significant margin. Most of the growth during this
period came from emerging economies in Asia and Latam.
In line with their relative MSCI benchmark indices, most CLDR
indices were down from the beginning of the year. Since
2001, the biggest outperformers versus their relative MSCI
benchmark were the CLDR AsiaPac Growth Economies Liquid
DR Index and the CLDR AsiaPac ex-Japan Liquid DR Index,
with each outperforming their relative benchmark by 34%
and 27%, respectively.
Jan-13
Feb-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Mar-13
70
80
90
100
110
120
130
SPX
CLDREMEA
CLDRLAT
CLDREPAC
CLDREAS
CLDRAPAC
CLDRWXUS
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-13
Jan-12
0
100
200
300
400
500
600
700
SPX
CLDREMEA
CLDRLAT
CLDREPAC
CLDREAS
CLDRAPAC
CLDRWXUS
CLDR 2013 Performance
1,2
Source: Citi Analysis
Source: Citi Analysis
1
Data as of December 31, 2013.
2
CLDRWXUS: World ex-U.S. Liquid DR Index; CLDRLAT: Latam Liquid DR Index; CLDRAPAC: AsiaPac ex-Japan Liquid DR Index; CLDREAS: AsiaPac Growth
Economies Liquid DR Index; CLDREPAC: EuroPac Liquid DR Index; CLDREMEA: EMEA Liquid DR Index; SPX: S&P 500.