~5 year return (excluding dividends) of companies outside the US which Morningstar considered to have a wide moat in 2010














Country Name Ticker symbol Price 03/16/2010 Price 03/16/2015 Return Morningstar valuation (*) Average return per valuation
Switzerland Novartis AG NVS 54.86 97.88 78.4177907401 5
Australia Telstra TLS.AX 3.11 6.14 97.4276527331 5
Australia Woolworth WOW.AX 28.43 29.34 3.2008441787 5 59.682095884
Australia ASX ASX.AX 35.39 42.83 21.0228878214 4 21.0228878214
Brazil AmBev ABEV 3.32 5.58 68.0722891566 3
Belgium Anheuser-Busch InBev SA ABI.BR 83.38 115.3 38.2825617654 3
United Kingdom AstraZenica PLC AZN.L 2911 4634.5 59.2064582618 3
Canada Bank of Montreal BMO 60.15 60.2 0.0831255195 3
Australia Brambles BMBLY 13.4 17.54 30.8955223881 3
United Kingdom British American Tobacco PLC BATS.L 2232 3708.5 66.1514336918 3
United Kingdom Cadbury PLC (ACQUIRED BY MDLZ:US)


3
Canada Canadian Imperial Bank of Commerce CM 74.35 72.53 -2.4478816409 3
Mexico Central North Airport Group (**) OMAB.MX 23.36 68.31 192.4229452055 3
Canada CI Financial Corp CIFAF 20.47 27.39 33.8055691255 3
Switzerland Credit Suisse Group CS 49.86 24.97 -49.919775371 3
France Dassault Systemes SA DSY.PA 21.76 63.45 191.5900735294 3
United Kingdom Diageo PLC DGE.L 1100 1893 72.0909090909 3
France Essilor International EI.PA 46.97 108.85 131.7436661699 3
United Kingdom GlaxoSmithKline PLC GSK.L 1239 1577 27.2800645682 3
United Kingdom HSBC Holdings PLC HSBA.L 683.5 562 -17.776152158 3
Canada IGM Financial Inc. IGM.TO 43.26 44.62 3.1437817846 3
United Kingdom Imperial Tobacco Group PLC IMT.L 2055 3169 54.2092457421 3
Denmark Novo Nordisk A/S NOVC.DE 11.16 45.91 311.3799283154 3
Canada Potash Corporation of Saskatchewan, Inc. POT.TO 42.92 42.55 -0.8620689655 3
Canada Ritchie Bros. Auctioneers, Inc. RBA.TO 21.55 31.95 48.2598607889 3
Switzerland Roche Holding AG RHHBY 20.68 32.85 58.8491295938 3
Canada Royal Bank of Canada RY.TO 59.46 76.3 28.3215607131 3
United Kingdom SABMiller PLC (***) SAB.L 1861 3703 98.979043525 3
France Sanofi-Aventis SAN.PA 57.21 92.07 60.9334032512 3
Mexico Southeast Airport Group (**) ASURB.MX 213.41 201.7 -5.4870905768 3
Sweden Svenska Handelsbanken SVNLY 14.85 24.27 63.4343434343 3
Switzerland UBS AG UBS 15.74 17.91 13.7865311309 3
Australia Westfield Corp WFD.AX 5.83 9.9 69.8113207547 3 58.7942785284
Switzerland Alcon, Inc (ACQUIRED BY NOVN.VX)


2
Canada Bank of Nova Scotia BNS 49.47 49.91 0.8894279361 2
France L'Oreal OR.PA 78.17 173.3 121.6963029295 2
Mexico Pacific Airport Group PAC 36.57 62.76 71.6160787531 2
Canada The Toronto-Dominion Bank TD.TO 37.51 53.95 43.82831245 2 59.5075305172




Average return 57.8983082316









Benchmark ETF







iShares MSCI ACWI ex-US ACWX 41.55 44.05 6.0168471721









Notes






(*) <3 overvalued, 3 fairly valued, >3 undervalued





(**) End price from 17/03/2015 instead of 16/03/2015





(***) Start price from 05/03/2010 instead of 16/03/2010