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Citi Depositary Receipts
Citi Liquid DR Indices (CLDRs)
Citi maintains the Citi Liquid DR Indices (CLDR) 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 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.
In 2015, the CLDR World Ex-U.S. Index decreased by 9%.
The S&P 500 consistently outpaced all CLDR Indices while
among the CLDR Indices, the CLDR EMEA Liquid DR Index
outperformed all of the other indices.
Comparing the CAGR of the CLDR Indices from 2001 to 2015,
the World ex-U.S. Liquid DR Index has lagged behind the S&P
500. However, all of the other CLDR Indices have outpaced
the S&P 500 except for the EuroPac Liquid Index.
65
70
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95
100
105
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115
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130
Nov-15
Sep-15
Jul-15
May-15
Mar-15
Jan-15
SPX Index
CLDREMEA Index
CLDRLAT Index
CLDREPAC Index
CLDREAS Index
CLDRAPAC Index
CLDRWXUS Index
CLDR 2015 Performance
1, 2
Source: Bloomberg
1
Data as of December 15, 2015.
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.
In line with their relative MSCI benchmark indices, most of
the CLDR Indices were down from the beginning of 2015.
Since 2001, the biggest outperformers versus the relative
MSCI benchmarks were the CLDR AsiaPac Growth Economies
Liquid DR Index and CLDR AsiaPac ex-Japan Liquid DR Index,
each outperforming its relative benchmark by 21% and 12%
respectively.