The Russell Greece index returned 15.9% in the year to mid-November, while the index of developed European countries from the same investment firm returned 14.8%.
Some see the return as surprising given the economic trauma in Greece and the instability caused by disagreement over the country's bailout.
According to statistics agency Elstat, the Greek economy in the third quarter was 7.2% smaller in the same period last year.
“Most likely [the positive return] is a result of risk tolerant investors who believe the Greek market is being oversold and see an investment opportunity in the country,” says Russell Investments.
The composition of the Russell Greece index is set to change, however. Coca-Cola Hellenic, which accounts for nearly a quarter of the Russell Greece index, recently said it would seek a listing on the London Stock Exchange instead of Athens, through a new holding company in Switzerland.
Coca-Cola Hellenic, which does most of its business outside of Greece, has consistently outperformed the Greek index. Without it, the Russell Greece index may not do so well.
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