Bigger stocks are more exposed to the turmoil overseas

It has been a wild few days in the markets.

Analysts have attributed some of that volatility to developments abroad. Or, more concretely, to China.

In light of that, it’s worth taking a look at which kinds of companies are the most exposed to international economies.

In a recent note to clients, Credit Suisse US equity strategist Lori Calvasina shared a chart that shows large caps get about 38% of their revenues outside of the US, compared with around 21% for small caps.

Furthermore, “mega caps” are even more exposed to the international economy. Companies that make up the S&P 100 get about 46% of their revenues from abroad, and those that make up the Russell Top 200 get about 41%.

Notably, the Asia Pacific and Australia region’s revenue exposure is listed as just 6% for large and mega caps, and around 4% for small caps.

However, “[t]hese numbers may be low, as many companies do not break out regional exposures, but lump all non-US exposure into an international or foreign bucket,” writes Calvasina. “Most companies do not report a breakout for China specific exposure but we suspect that it is the highest in large cap and mega cap.”

Check it out below.

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