A TRULY GLOBAL STOCK MARKET RALLY IN NOVEMBER 2023

I love writing reports about stock markets’ performance in November, regardless of the performance. I love to do it because I write these reports in December. As a person who loves competitions and compares the stock market performance competition to a grueling multi-stage cycling race, I know December is the last of the twelve stages. The 2023 cycling race will end at the end of December, and we will crown our annual winner in just several weeks.
 
This year, we have a clear leader. The MSCI Argentina Index leads the competition with total returns of 58.7% on a year-to-date basis as of November 30, 2023. As a reminder, total returns include price appreciation and dividend payments. The leader is pursued by a pair of competitors who are more than 10% behind. MSCI Greece had total returns of 48.5%, and MSCI Egypt had total returns of 48.2%. More than 10% further down are MSCI Poland (38.0%), MSCI Italy (34.6%) and MSCI Spain (30.3%). MSCI Mexico (with total returns of 29.3%), MSCI Denmark (27.3%), MSCI Taiwan (24.4%), and MSCI Brazil (24.3%) rounded up the “Top 10” group at the end of November 2023. Overall, 38 out of 50 indices in the investment universe of Beyond Borders Investment Strategies (BBIS) had positive YTD returns.
 
So, how did the competitors arrive at this point? By absolutely sprinting during the November stage of the competition. In a very rare turn of events, every single index registered positive returns during the month.
 
In this report, I talk about five topics with the following headers:
 

1. The Reasons for the November 2023 Stock Market Rally in All Corners of the World
2. An Incredible Performance of the Argentinian Stock Market in November 2023
3. The Latin American Socialist Express Train May Be Changing Its Direction
4. The November Monthly Prize for Resilience Goes to MSCI Israel
5. Stock Market Questions I Want to Answer in December 2023

 
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Thank you!
 
Best regards,

Vitaly
 
Vitaly Veksler, CFA
CEO & Portfolio Manager
Beyond Borders Investment Strategies, LLC
[email protected]

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PERFORMANCE TABLES
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TOTAL RETURNS = PRICE APPRECIATION + DIVIDEND YIELD

Sources: Refinitiv, Beyond Borders Investment Strategies (BBIS). Used MSCI country index performance for 48 countries - all but the US. The US performance is represented by MSCI USA and S&P 500 indices. All performance series measure total returns of US Dollar-denominated indices.
 
Disclaimer: Opinions expressed in this report are of BBIS and are for information purposes only. This report does not represent investment advice. BBIS holds investment positions in single-country equity ETFs of some or all countries mentioned in the report. Past performance is no guarantee of future results.