Some of the emerging equity markets are performing well this year when compared to developed markets. Among the BRIC countries, India is the top performing market so year-to-date (YTD). Despite a growing economy, Brazil is lagging relative to other emerging countries due to political interference in certain sectors of the economy. Argentina is also under-performing due to political instability.  The YTD returns of select countries based on the MSCI indices are listed below:

• Brazil: -5.55%
• Russia: 9.06%
• India: 21.25%
• China: 12.04%
• USA: 13.99%
• Germany: 21.06%
• UK: 8.95%

Accordingly Brazilian and Argentinian financials are in the negative territory YTD while financials from India have grown by double digits.

The five worst performing exchange-listed foreign bank ADRs YTD:

1.Company: Banco Macro (BMA)
YTD Change: -22.56%
Current Dividend Yield:  N/A
Country: Argentina

2.Company: Itau Unibanco (ITUB)
YTD Change: -21.50%
Current Dividend Yield: 4.21%
Country: Brazil

3.Company:BBVA Banco Frances (BFR)
YTD Change: -14.17%
Current Dividend Yield: N/A
Country: Argentina

4.Company:Banco Santander Brasil (BSBR)
YTD Change: -11.55%
Current Dividend Yield: 3.55%
Country: Brazil

5.Company:Banco Bradesco (BBD)
YTD Change: -5.28%
Current Dividend Yield: 3.72%
Country: Brazil

The five best performing exchange-listed foreign bank ADRs YTD:

1.Company:Lloyds Banking Group (LYG)
YTD Change: 65.61%
Current Dividend Yield: N/A
Country: UK

2.Company:National Bank of Greece (NBG)
YTD Change: 62.63%
Current Dividend Yield: N/A
Country: Greece

3.Company:ICICI Bank (IBN)
YTD Change: 53.61%
Current Dividend Yield: 1.46%
Country: India

4.Company:HDFC Bank (HDB)
YTD Change: 43.57%
Current Dividend Yield: 0.63%
Country: India

5.Company:Royal Bank of Scotland (RBS)
YTD Change: 42.23%
Current Dividend Yield: N/A
Country: UK

Note: Dividends and price changes noted are as of Oct 22, 2012

Disclosure: Long BBD, ITUB, BMA, LYG