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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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The Altrinsic Global Equity portfolio gained 7.2% during the third quarter, outperforming gains of 4.9% and 5.3% for the MSCI World and ACWI indices, respectively, as measured in U.S.

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The Altrinsic International Equity Portfolio gained 7.7% during the third quarter, outperforming gains of 6.4% and 6.9% for the MSCI EAFE and ACWI ex-US indices, respectively, as measured in U.S. dollars.  Stock-specific factors were the primary drivers of outperformance, led by positions in the technology, energy, telecommunications, consumer staples, and industrial sectors.

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The Altrinsic Global Equity portfolio gained 2.7% during the second quarter.  By comparison, both the MSCI World and ACWI indices increased 1.0% as measured in U.S. dollars.  Stock-specific factors were the primary sources of outperformance amidst an eventful macro backdrop.  During the quarter, British citizens voted to leave the European Union, concerns about the European banking system intensified, Middle East unrest spread to distant lands, and the yields on U.S.

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