The United States
You have likely heard the claim that equity portfolios can't help but to be global. Multinationals account for most stock market assets, and they sell their wares everywhere. Where a blue-chip company is headquartered does not indicate its revenue sources.
In a new report, Morningstar puts that belief to the test. I can't link to the article, because it's tucked away in Morningstar Direct's institutional software, but I can provide its highlights. (The underlying data will eventually appear on Morningstar.com.)
John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.