Although global investing has been advocated by theorists (Solnick) and practitioners (Brinson) for more than 20 years, few pension funds have fully embraced the idea. By exception, funds in small open economies such as Australia and the Netherlands have led the way by investing substantial funds outside their domestic markets. Vaughan Associates believes that fiduciaries and institutional investors in the world’s major economies have much to learn from this experience, and it is one of the reasons the world’s best global investment managers have established a presence in the Australian market.