EXHIBIT 15.2 Portfolio Risk Reduction Through International Diversification Percent_Variance of portfolio return risk Variance of market return 100 80 60 40 Portfolio of U.S.stocks 27%心… 20 Portfolio of international stocks 12% 1 10 20 30 40 50 Number of stocks in portfolio When the portfolio is diversified internationally,the portfolio's beta-the level of systematic risk that cannot be diversified away-is lowered