July returns continued this trend with the average from these select northern European countries beating the EAFE index by 3.80% (9.05% minus 5.25%). This is also better than the iShares Core S&P 500 (IVV) which only appreciated 5.08%.
Sweden led the pack and appreciated 11.02% during the month. iShares Sweden (EWD) is 30% Financials and 29% Industrials. Among the top ten holdings are Ericsson telecommunications, H & M Hennes & Mauritz AB clothing store, and AB Volvo vehicle manufacturer.