Investors using country allocation strategies form their portfolios by investing in different regions depending on their assessment of each regions’ prospects. For example, the manager may have a preference for a particular region and may establish a position in that region while limiting exposure to others. Managers of global equity funds may, for example, make a decision based on a trade-off between the US equity market and the European equity market, or they may allocate among all investable country equity markets. Such strategies may also seek to track the overall supply and demand for equities in regions or countries by analysing investment fund flows, the volumes of initial public offerings, and secondary share issuance.