FYI: Domicile has long been an investor's only way of geographically diversifying a portfolio, but that gives a misleading impression of the actual diversity of a portfolio. Large multinational companies have global revenue streams, as do lesser-known companies whose revenue exposures can be surprising. Consider Millicom International Cellular (TIGO). MSCI regards it as a Swedish business, whereas Morningstar assigns it a U.S. domicile. Incorporated and headquartered in Luxembourg, Millicom International Cellular formed in 1990 when the international operations of Swedish mobile-telephone firm Tele2 combined with those of U.S.-based Millicom.[1] Reflective of that history, Millicom International Cellular's primary exchange is the Swedish NASDAQ OMX STOCKHOLM AB, and it maintains a corporate office in the United States.[2]
Regards,
Ted
https://www.morningstar.com/articles/933483/a-new-perspective-on-geographical-diversification.html
