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Euro Psrspsctivs 35% 30% -% 25% -| 20% -£ 15% -1 10% -£ 5% 0% -5% 0% U.S. Psrspsctivs 20%


40% 60% 80% % Hsdgsd ♦ GCW --if- Representative 100% 0% 20% 40% 60% 80% 100% % Hsdgsd 4 GCW -ii~ Representative   U.K. Perspective Yen Psrspsctivs   100% 0% 20% 40% 60% 80% % Hsdgsd -4- GCW - -II - - Representative 100% 20% 40% 60% % Hsdgsd -4- GCW -III-Representative FIGURE 11.6 Risk Decomposition and Home Bias