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8
2014 Mid-Year Report
| Citi Liquid DR Indices (CLDRs)
CLDR 2001 — YTD 2014 CAGR Performance
1, 2
Citi Liquid DR Indices (CLDRs)
Citi Depositary Receipt Services maintains the Citi Liquid DR
Indices (CLDR) which are useful to gauge markets. The Citi
Liquid DR Indices are free-float, market-cap weighted and
include only those companies that have U.S. exchange-listed
ADRs or London-listed GDRs that are actively traded. The
CLDR world ex-U.S. index increased by 5% in the first half
of 2014.
Citi Liquid DR Indices are distinctive in that they:
• Provide a timely gauge of international investor sentiment
toward non-U.S. markets at the end of day, considering
that all of their constituent stocks trade in the U.S. and/or
London time zones.
• Include one of the few publicly available DR indices for
Asia Pacific ex-Japan and Asia Pacific Growth Economies.
• More completely capture U.S. and international investor
sentiment toward emerging markets by including London-
traded GDRs, unlike other DR indices.
During the first half of 2014, the S&P 500 consistently
outpaced all CLDR Indices except for the AsiaPac ex-Japan DR
Index and AsiaPac Growth Economies Liquid DR Index. Among
the CLDR Indices, the Asia Pacific Growth Economies Liquid
DR Index outperformed all other CLDR Indices.
Comparing the compound annual growth rates (CAGR) from
2001 to 2014 year-to-date, the World ex-U.S. Liquid DR Index
has lagged behind the S&P 500. However, all other CLDR
Indices have outpaced the S&P 500, except for the EuroPac
Liquid DR Index and World ex-U.S. Liquid DR Index.
85
90
95
100
105
110
115
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
CLDRWXUS Index
CLDRAPAC Index
CLDREAS Index
CLDREPAC Index
CLDRLAT Index
CLDREMEA Index
SPX Index
CLDRWXUS
Index
CLDRAPAC
Index
CLDREAS
Index
CLDREPAC
Index
CLDRLAT
Index
CLDREMEA
Index
SPX
Index
3%
9%
10%
1%
9%
7%
2%
CLDR YTD 2014 Performance
1, 2
Source: Bloomberg
Source: Bloomberg
1
Data as of June 29, 2014.
2
CLDRWXUS: World ex-U.S. Liquid DR Index; CLDRLAT: Latam Liquid DR Index; CLDRAPAC: AsiaPac ex-Japan Liquid DR Index; CLDREAS: AsiaPac Growth
Economies Liquid DR Index; CLDREPAC: EuroPac Liquid DR Index; CLDREMEA: EMEA Liquid DR Index; SPX: S&P 500.