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Strong gains were delivered across most markets and asset classes during the third quarter, fueled by synchronized (yet tepid) global economic growth, a benign inflationary environment, and continuing unorthodox monetary policies.  Improving corporate earnings further supported market strength with emerging markets and the most economically cyclical industries leading markets to all-time highs.  Meanwhile, volatility levels, as measured by the VIX index, fell to all-time low levels.  This inherent complacency is unsettling in light of historically low interest rates, high valuation levels,

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Strong gains were delivered across most markets and asset classes during the third quarter, fueled by synchronized (yet tepid) global economic growth, a benign inflationary environment, and continuing unorthodox monetary policies.  Improving corporate earnings further supported market strength with emerging markets and the most economically cyclical industries leading markets to all-time highs.  Meanwhile, volatility levels, as measured by the VIX index, fell to all-time low levels.  This inherent complacency is unsettling in light of historically low interest rates, high valuation levels,

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Emerging markets continued their rally during the third quarter, extending the asset class’ year-to-date return to 28%.  The driving forces behind the market have remained fairly constant through much of the year, including synchronized global economic growth, a benign inflation environment, continued unorthodox central bank policies, supportive capital flows, and increased confidence in China’s reform efforts.  Market leadership continues to be very narrow, concentrated in a handful of large-cap technology stocks and the Chinese real estate and automobile sectors.  Embedded in these consen

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The world is changing fast. The threat of disruption is real and growing with the potential for catastrophic outcomes for companies and industries across the globe. Once formidable barriers to entry are breaking down under the onslaught of new, fast-moving competitors empowered by the changing dynamics of the mobile internet age.

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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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