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2016 Midyear Report
| Citi Liquid DR Indices
CLDR 2001 — YTD 2016 CAGR Performance
1, 2
Citi Liquid DR Indices
Citi Depositary Receipt Services maintains the Citi Liquid
DR (CLDR) Indices, which provide insight into international
investor sentiment towards non-U.S. markets. The CLDR
Indices are free-float, market cap weighted and include only
those companies that have actively traded U.S. exchange-
listed ADRs or London-listed GDRs.
The CLDR Indices are distinctive in that they:
• Provide a timely gauge of international investor sentiment
towards non-U.S. markets at the end of the U.S. trading
day, considering that all of the constituent equities trade in
the U.S. and/or London time zones.
• More completely capture U.S. and international investor
sentiment towards emerging markets by including London
traded GDRs, unlike other DR indices.
• Include one of the few publicly available DR indices for
Asia-Pacific ex-Japan and Asia-Pacific Growth Economies.
During the first half of 2016, the S&P 500 consistently lagged
behind all CLDR Indices except for the World ex-U.S. and
EuroPac Liquid DR Indices. Among the CLDR Indices, the
Latam Liquid DR Index outperformed all other CLDR Indices.
Comparing the CAGR of the CLDR Indices from 2001 to 2016
year-to-date, the World ex-U.S. Liquid DR Index lagged behind
the S&P 500. However, all of other the CLDR Indices, except
for the EuroPac Liquid DR Index, outperformed the S&P 500.
85
90
95
100
105
110
115
120
125
130
135
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
CLDRWXUS
CLDRAPAC
CLDREAS
CLDREPAC
CLDRLAT
CLDREMEA
S&P 500
CLDRWXUS
CLDRAPAC
CLDREAS
CLDREPAC
CLDRLAT
CLDREMEA
S&P 500
3%
7%
9%
-1%
5%
4%
0%
CLDR Performance
1, 2
Source: Bloomberg
Source: Bloomberg
1
Data as of June 30, 2016.
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.