Emerging Markets Equity Commentary | 1Q 2023

Quarterly Letter

9 min read | The Altrinsic Emerging Markets Opportunities portfolio gained 5.6% (5.4% net) this quarter, outperforming the MSCI Emerging Markets Index's 4.0% return, as measured in US dollars. Performance throughout the period varied markedly within emerging markets.  The year began with strength in North Asian (China, Taiwan, and Korea) large caps on momentum from China’s reopening.  The robust start tailed off as corporate scandals and political headlines drove underperformance in the large markets of India and Brazil.  Additionally, turmoil in the global banking sector following the collapse of Silicon Valley Bank (SVB) made its mark on EM equities, though in a more subdued manner.