About the Author

Clement K. Miller, CFA

Administrative Vice President and Senior Portfolio Manager

As senior portfolio manager of the Wilmington International Fund, Clem develops and maintains close working relationships with a network of investment managers located in Europe, Japan, and Asia ex-Japan. He is a voting member of the firm’s investment committee and a non-voting member of its portfolio management committee. He is a frequent contributor to the firm’s Wilmington Wire publications.

Prior to joining investment management, Clement was a senior relationship manager with M&T Bank’s international trade division. He led a team of four relationship managers who financed transactions supporting foreign buyers’ purchases of U.S. exports, often from firms in M&T Bank’s business regions. He received the President’s Council Award for his sales accomplishments. Before joining M&T, Clem served in a variety of positions with the Export-Import Bank of the United States. As a relationship manager, he shepherded U.S. firms’ export finance transactions through the bank’s credit approval process. He served on the bank’s credit committee, which approved all loans under $10 million and managed the bank’s workouts division, working within creditor groups to renegotiate the debts of foreign and U.S. borrowers. He participated as the bank’s representative on a U.S. government delegation to inter-governmental trade financing negotiations organized by the OECD in Paris. Clem also served as a country risk economist, advising the bank’s board on country eligibility and sovereign loan pricing decisions and participating in inter-agency working groups. Earlier in his career, he served as an international economist with business consulting firm WEFA, providing economic advice to a range of business clients.

Clem holds an MBA in finance and international business from George Washington University and a bachelor’s degree in international economics from the School of Foreign Service at Georgetown University. He is a CFA® charterholder and served five terms on the board of the 600-member Baltimore CFA Society, including two as its elected president. Currently, he is serving as the M&T appointed board member of the Maryland Chamber of Commerce.

By the Author

Hong Kong – Protests, Disruptions, and Investment Implications

Clement K. Miller, CFA |
Wilmington Wire

August 7, 2019—For over two months, residents of Hong Kong, a chief global financial hub, have been engaged in disruptive strikes and protests, including violent clashes with police. The latest disruptions occurred on Monday, August 6. Here, we explain the nature of the protests and discuss investment implications.


International Stocks: The Rewards of Quality Earnings Growth

Clement K. Miller, CFA |
Wilmington Wire
Roman Forum NC.jpg

June 28, 2019—If you’ve been invested in international developed country stocks over the last ten years, you would have done much better investing in the international consumer staples, health care, and information technology sectors, rather than in financials or energy  (see Figure 1). Why has this been the case?

Figure : International developed stocks (MSCI EAFE) by sector

10-year annualized returns


Data as of May 31, 2019

The MSCI EAFE Index returned 6.