Two years on from the Brexit vote, the gap in performance between internationally and domestically focused UK-listed stocks is at a record high as the weak pound takes effect.
Research from KPMG revealed that indices of 50 FTSE firms that derive more than 70% of their income from abroad had gained 35% since the vote.
However, indices of the largest FTSE companies that derive more than 70% of their revenues from the UK was 4% below the level it was at two years ago.
According to KPMG, the main contributor to the difference in performance has been the pound’s exchange rate, which in trade weighted terms is down 11% since the referendum.
Furthermore, when adjusted to remove the impact of the pound, the performance of both indices has been poor, with both of them underperforming in comparison to the FTSE all world, an indices of international stocks, in dollar terms.
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