International Stocks/Exchange Question


Hi Harry,
Looking on some stock data and I'm confused on something:

Take for example VEUR, which trades on several European exchanges.
I'm looking at the Bloomberg webpage and it says that VEUR:LN (London) has a 1-Year return of -5.87%, and VEUR:SW (Swiss) has a 1-Year return of -10.17%.

I seems weird that the exact same fund investment would show different returns depending on the exchange location. Does this have to do with the currency used? For example, LN uses GBP...whereas SW uses EU. This can't be, I think, since a fund is tied to a single currency, regardless of the currency used to purchase shares.


The latest figures I have access to suggest that are London traded are down 9% on the year whilst the Swiss version are down 7% on the year. According to the website, the fund trades in three currencies (, and CHF). It should be noted that over the course of the year the vs CHF has fallen by 4% (which allows for the difference)

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Harry Hayfield


Expert on most European stocks (with a smattering of knowledge of American and Asian stocks)


Regular watcher of CNBC and Bloomberg International

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