Rich Scandinavian culture, clean energy, and the home of LEGOS. To most investor’s surprise, Denmark was the best performing developed market in 2015, up 23% as measured by the MSCI Denmark Index
(USD). Hungary on the other hand was the best emerging market in 2015 up 36% as measured by the MSCI Hungary Index
(USD). What does this tell us? Most investors would’ve never expected returns of this magnitude from those capital markets, let alone anywhere over in those scary European markets. That spooky place with all of the debt problems.