It is not enough to exclude authoritarian countries from a portfolio: most of a portfolio exposure to autocracies is indirect via stocks listed in democratic countries but having themselves exposures to autocracies.

Read Yves Choueifaty’s latest contribution in Capital Magazine. Yves, President and founder of TOBAM, explains in more details the ‘autocracy risk factor’ and why direct – and indirect – exposure to autocratic regimes expose investors to unrewarded long-term risks.