The U.S. stock market is turning in yet another year of strong performance in 2014. But after several stand out years relative to the rest of the world, investors may be wondering whether we may be approaching a juncture starting in 2015 when stock markets from other parts of the globe are ready to take the lead. At the same time, given that we are now well into the sixth year of a global bull market in stocks, many of these same investors may also be reluctant to take on too much cyclical risk exposure with any such worldwide allocations. Enter for consideration the global defenders – those stock markets from around the world that have trailed the U.S. in terms of relative performance and have a more defensive sector bias in the composition of their domestic stock market.
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