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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.

Quarterly Letter

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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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The Altrinsic International Equity Portfolio gained 3.1% during the second quarter. By comparison, the MSCI EAFE declined 1.5% and the MSCI ACWI ex-U.S. Index was down 0.6% 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. Treasuries fell near their lowest level ever.

Research

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'Imagine being a table to re-writ the genetic kode of any organism including tumans.'  This sentence obviously makes no sense. Now imagine these spelling mistakes occurred in your genetic code (genome). Your genome is made up of a four letter alphabet, consists of three billion letters and resides in every one of the cells in your body. It defines who you are. To put this in perspective, the Complete Works of William Shakespeare is based on a 26 letter alphabet and has about six million letters.

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A transition appears to be underway.  Global equity markets have delivered above-normal returns during the last seven years with low volatility and few lasting setbacks, but we may have entered a new environment characterized by more normal returns albeit with much greater volatility.  The first quarter was reflective of this increase in volatility, as a 12% rally in the MSCI World Index during the second half of the quarter tempered anxieties that emerged during the 13% dip in the first half, as measured in local currency terms.

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