RT Journal Article SR Electronic T1 Sources of Return in Global Investing JF The Journal of Portfolio Management FD Institutional Investor Journals SP 12 OP 21 DO 10.3905/jpm.2005.470575 VO 31 IS 2 A1 Anton V. Puchkov A1 Dan Stefek A1 Mark Davis YR 2005 UL https://pm-research.com/content/31/2/12.abstract AB Traditional approaches to the important sources of return in international equity investing attribute portfolio return to countries and global industries and styles. A new framework shows that these models miss an important component of return that arises from the unique behavior of industries and styles within markets. The answer to the perennial question of international investing? what matters more, country or global industry and style selection??is quite different in developed and emerging markets. The oft–noted spike in the importance of global industries over country influence in 1998?2002 was likely a by–product of the technology bubble. World markets are integrating, but at a very gradual pace.