%0 Journal Article %A Stefano M.F.G. Cavaglia %A Dimitris Melas %A George Tsouderos %T Cross-Industry and Cross-Country International Equity Diversification %D 2000 %R 10.3905/joi.2000.319401 %J The Journal of Investing %P 65-71 %V 9 %N 1 %X This article shows that portfolios that aim to diversify across countries and across industries provide markedly better reward-to-risk ratios than the traditional asset allocation strategies that aim to select country positions and then index local broad market indexes. Country asset allocations are distinctly different under each strategy. The results hold across nationality of investors, across alternative benchmarks, and across alternative currency hedging strategies. %U https://joi.pm-research.com/content/iijinvest/9/1/65.full.pdf