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International Portfolio Diversification: A Comparison of ADRs and Closed-End Country Funds

Individual investors in the United States may globally diversify their portfolios through the purchase of shares of individual corporations, by investing in American Depository Receipts (ADRs) or the pooling of funds in investment companies, particularly closed-end country funds. This article summarises the performance of both of these types of investments over the period from January 1990 through December 1999. For the period studied, a greater proportion of naively traded, country-specificADR portfolios show better risk-adjusted returns than do the corresponding professionally man aged country funds.