The quote is:
> North American stocks returned 14.6 percent and amounted to 41.4 percent of the equity portfolio.
That's to say 41% of their equities are North American stocks, not that they own 41% of all North American stocks!
> North American stocks returned 14.6 percent and amounted to 41.4 percent of the equity portfolio.
That's to say 41% of their equities are North American stocks, not that they own 41% of all North American stocks!