This page looks at international equity markets and the opportunity set for global investing. The right side makes the case for investing internationally, as almost half of the equity market opportunity set is found outside of the U.S. (top right). The bottom right graph illustrates the different sector exposures across regional indices. The table on the left shows USD and local currency returns for various international indices. The difference between the two highlights the role that currencies play in international investing: sometimes they add to returns and sometimes they can detract from returns once converted back to USD. On the far right hand columns of the table we show 15-year annualized returns and a 15-year beta, which is a measure of volatility.