RT Journal Article SR Electronic T1 Cross-Industry and Cross-Country International Equity Diversification JF The Journal of Investing FD Institutional Investor Journals SP 65 OP 71 DO 10.3905/joi.2000.319401 VO 9 IS 1 A1 Stefano M.F.G. Cavaglia A1 Dimitris Melas A1 George Tsouderos YR 2000 UL https://pm-research.com/content/9/1/65.abstract AB 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.