Brad Hanson, Managing Director Magni Global Asset Management Magni Global Asset Management LLC (Magni) updated its analysis of the impact of COVID-19 on equity valuations of countries for the first half of 2020. The trend of equity outperformance of the better-responding countries increased by more than a half percent in just one month to 7.80% YTD through June versus 7.26% YTD through May. The Global COVID19 Index continued to be used in this update as the measure of the effectiveness of a country’s response and we excluded the US from this particular analysis(1). As part of the overall analysis, Magni reviewed a variety of characteristics of the countries with a better response to the pandemic. One of the most important distinguishing characteristics across the better performing markets was the prevalence of female leaders.