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The Altrinsic Emerging Markets Portfolio gained 6.0% during the second quarter in U.S. dollars.  By comparison, the MSCI Emerging Markets Index rose 6.3%.  Markets benefited from synchronized, albeit modest, global economic growth, strengthening Chinese consumer spending, earnings expectations, and positive portfolio flows into the asset class.  A fresh wave of corruption allegations in Brazil and escalating tensions involving North Korea impacted local markets but seemed to be shrugged off by the broader emerging markets.

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The Altrinsic International Equity Portfolio gained 7.9% in the second quarter, outperforming the MSCI EAFE's 6.1% rise as measured in U.S. dollars.  Outperformance was overwhelmingly driven by stock-specific factors, most notably delivered by our investments in Nintendo (Japan), Japan Exchange (Japan), and Heineken (Netherlands). At the broad market level, underlying corporate earnings have been strong, but the degree of complacency in many markets concerns us.  Macro imbalances persist and stock market valuations remain elevated, following a robust nine-year climb.

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The Altrinsic Global Equity portfolio gained 5.9% in the second quarter, outperforming the MSCI World's 4.0% rise as measured in U.S. dollars.  Outperformance was overwhelmingly driven by stock-specific factors, most notably delivered by our investments in Nintendo (Japan), Ionis Pharmaceuticals (U.S.), Heineken (Netherlands), Nestlé (Switzerland), and Intercontinental Exchange (U.S.). At the broad market level, underlying corporate earnings have been strong, but the degree of complacency in many markets concerns us.

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The Altrinsic Emerging Markets Equity portfolio gained 10.2% during the first quarter of 2017. By comparison the MSCI Emerging Markets Index gained 11.4% in U.S. dollars.  Emerging market equities and currencies rebounded strongly during the first quarter, as protectionist policy rhetoric from the Trump administration softened, reform agendas gathered pace in several major emerging countries, concerns about economic stability in China eased, and the outlook for corporate profit growth improved.

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Global equity markets, as measured by the MSCI World Index gained 6.4% during the first quarter.  The Altrinsic Global Equity portfolio returned 5.0% over the same period, as measured in U.S. dollars.  An improving outlook for corporate profits in many parts of the world, easing of stresses emanating from China, and a continuation of reflationary central bank monetary policies outweighed the ongoing geopolitical uncertainties, lofty asset valuations, and macroeconomic imbalances in many of the world’s largest countries.

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The Altrinsic International Equity Portfolio gained 7.4% during the first quarter.  International equity markets, as measured by the MSCI EAFE index returned 7.2% over the same period, as measured in U.S. dollars.  An improving outlook for corporate profits in many parts of the world, easing of stresses emanating from China, and a continuation of reflationary central bank monetary policies outweighed the ongoing geopolitical uncertainties, lofty asset valuations, and macroeconomic imbalances in many of the world’s largest countries.

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The Altrinsic Global Equity portfolio gained 0.7% and 11.9% during the fourth quarter and full year, respectively.  By comparison, the MSCI World gained 1.9% and 7.5% over the same periods, as measured in U.S. dollars.  Strong absolute and relative gains were delivered during an eventful year in which key developments, most notably Brexit results and the election of Donald Trump, defied the odds makers.

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The Altrinsic International Equity Portfolio declined 1.2% and gained 8.9% during the fourth quarter and full year, respectively.  By comparison, the MSCI EAFE declined 0.7% and gained 1.0% over the same periods, as measured in U.S. dollars.  Strong absolute and relative gains were delivered during an eventful year in which key developments, most notably Brexit results and the election of Donald Trump, defied the odds makers.

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The Altrinsic Emerging Markets Equity portfolio gained 13.8% during 2016, outperforming the 11.2% gain in the MSCI Emerging Markets Index in U.S.

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Emerging markets delivered strong gains during the third quarter, returning 9.0% as measured by the MSCI Emerging Markets Index in U.S. dollars.  The Altrinsic Emerging Markets Equity Composite returned 8.8% during the same period.  Stronger earnings growth and higher local bond yields in the emerging markets attracted supportive portfolio flows. Rising commodity prices and a stable U.S.

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