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Citi Depositary Receipts
Citi Liquid DR Indices (CLDRs)
Citi Depositary Receipt Services maintains the Citi Liquid DR
Indices (CLDR) which are useful to gauge market sentiment.
The Citi Liquid DR 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. 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.
• Capture in-depth U.S. and international investor sentiment
toward emerging markets by including London traded
GDRs, unlike other DR indices.
In 2014, the S&P 500 consistently outpaced all CLDR
Indices. Among the CLDR Liquid Indices, the AsiaPac Growth
Economies Liquid DR Index outperformed all of the other
indices as it was the only CLDR Index that experienced
positive growth in 2014.
Comparing the compound annual growth rates (CAGR) from
2001 to 2014, 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. The rapid growth from Latin America and the emerging
economies in Asia has offset the slow growth in Europe.
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70
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100
105
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115
120
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
SPX Index
CLDREMEA Index
CLDRLAT Index
CLDREPAC Index
CLDREAS Index
CLDRAPAC Index
CLDRWXUS Index
CLDR 2014 Performance
1,2
Source: Bloomberg
1
Data as of December 15, 2014.
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 Liquid Indices were down from the beginning of 2014.
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 14% and 9%
respectively.