American investors achieved the second-highest average returns among global investors in 2016, though it’s uncertain whether that resulted from investing acumen or just good ol’ home-bias investing.

According to the annual Global Portfolio Barometer recently released by Natixis Global Asset Management, average gains among U.S. portfolios last year were 8.2%. Not bad, considering the U.S. stock market stumbled out of the gate during the first two months of 2016, including in January when the S&P 500 index had its worst start in 88 years. And then there was the Brexit burp in June when stocks took a swift—yet brief—pratfall.

But the U.S. market—led by large-cap and small-cap stocks—got a boost during a generally positive second half, particularly after the presidential election in early November. Stocks accounted for about three-quarters of overall returns in American portfolios, with the rest split between bonds and allocation funds.

As noted by Natixis, American portfolios were aided by a strong home country bias where roughly two-thirds of assets invested in equities went to U.S. stocks. On average, U.S. portfolios allocated assets to stocks (52%), bonds (31%), allocation funds (7%), alternatives (5%) real assets (2%) and cash (2%).

The results come from in-depth analysis of moderate risk or balanced portfolios from 564 financial advisors (from wirehouses, independents, RIAs and smaller institutions, though it skews toward wirehouse advisors) across the United States, France, Italy, Luxembourg, the Netherlands, Singapore, the United Kingdom and Latin America.

The research was conducted by the Portfolio Research and Consulting Group on portfolios received in the last six months of 2016. Natixis is the data aggregator.

Perhaps surprisingly, the U.K. was the top global performer (at least among those regions measured by this survey) with portfolios returning an average of 13.5%. Roughly half of that is attributed to the post-Brexit depreciation of the pound versus the U.S. dollar, which provided an updraft to U.K. investors with unhedged U.S. equity exposure. And home-country bias also helped British investors, where the FTSE 100 Index, whose stocks are listed in London, gained 14.4%.

All regions measured by the report experienced positive returns in 2016, but somebody had to finish last, and last year that went to Luxembourg, which had an average portfolio return of around 3%.