This paper examines traditional approaches to buying international equities, highlighting some of the problems with capitalisation-weighted benchmarks, and suggesting that replicating a global index may no longer be the optimal solution for those investors with longer-term investment horizons. It looks at some of the new strategies available to capture beta and illustrates how diversification can be used to manage risk for investors in a less constrained portfolio.

Topics addressed:
- The fundamental law - play well, play often and limit constraints
  - Breadth - widening the opportunity set
  - Skill - identify and allocate to value-oriented stocks ...