Really apprecaite the currency lens here - it's wild how different the story looks depending on where you're sitting. That 6x home market outperformance for CHF investors is a massive reminder that hedging isn't just some technical detail in a footnote. I ran into this same blindspot last year with EUR-denominated positions, thinking returns were solid until realizing half of it evaporated in FX. The small cap divergence between US and Europe was also interesting, especially given how synchronized everything felt earlier inthe year.
Really apprecaite the currency lens here - it's wild how different the story looks depending on where you're sitting. That 6x home market outperformance for CHF investors is a massive reminder that hedging isn't just some technical detail in a footnote. I ran into this same blindspot last year with EUR-denominated positions, thinking returns were solid until realizing half of it evaporated in FX. The small cap divergence between US and Europe was also interesting, especially given how synchronized everything felt earlier inthe year.
Thank you for your comment and highlighting the FX point again.