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Quarterly Letter

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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.

Quarterly Letter

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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.

Quarterly Letter

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A transition appears to be underway.  International 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 an 11.2% rally in the MSCI EAFE Index during the second half of the quarter tempered anxieties that emerged during the 12.8% dip in the first half, as measured in U.S. dollars.

Quarterly Letter

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International equity market returns were relatively flat for the year, measured in local currency, but this result masked the significant dispersion in performance among stock, bond, currency, and commodity markets. These muddling markets appear to be increasingly recognizing fragile underlying fundamentals including lingering global imbalances, eroding confidence in policymakers, a slowing Chinese economy, intensifying geopolitical risks, and the vulnerability of U.S. corporate profit margins.

Quarterly Letter

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Global equity market returns were relatively flat for the year, measured in local currency, but this result masked the significant dispersion in performance among stock, bond, currency, and commodity markets.  These muddling markets appear to be increasingly recognizing fragile underlying fundamentals including lingering global imbalances, eroding confidence in policymakers, a slowing Chinese economy, intensifying geopolitical risks, and the vulnerability of U.S. corporate profit margins.

Quarterly Letter

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The third quarter was particularly challenging given the broad-based nature of the selloff across asset classes. International equity markets declined 10.2% and 12.2% as measured by the MSCI EAFE and MSCI All Country World Ex-US indices, respectively as measured in U.S. dollars. This weakness was largely precipitated by a pair of factors, namely mounting concerns about China’s growth rate and the credibility of policymakers’ efforts to revitalize economies globally.  The Altrinsic International Equity Portfolio declined 11.3% as measured in U.S.

Quarterly Letter

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The third quarter was particularly challenging given the broad-based nature of the selloff across asset classes. Global equity markets declined 8.4% and 9.4% as measured by the MSCI World and MSCI All Country World indices, respectively as measured in U.S. dollars. This weakness was largely precipitated by a pair of factors, namely mounting concerns about China’s growth rate and the credibility of policymakers’ efforts to revitalize economies globally. The Altrinsic

Quarterly Letter

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Global equity market returns were relatively flat for the year, measured in local currency, but this result masked the significant dispersion in performance among stock, bond, currency, and commodity markets as illustrated in Figure 1. These muddling markets appear to be increasingly recognizing fragile underlying fundamentals including lingering global imbalances, eroding confidence in policymakers, a slowing Chinese economy, intensifying geopolitical risks, and the vulnerability of U.S. corporate profit margins.

Quarterly Letter

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The Altrinsic International Equity Portfolio gained 2.2% during the second quarter, outperforming returns of 0.6% and 0.5% by the MSCI EAFE and MSCI All Country World ex- U.S. indices as measured in U.S. dollars.1 Strong mergers and acquisitions activity, efforts to unlock value via prudent capital management (e.g., dividends, buybacks, divestitures), and growing evidence of positive change in Japanese corporate behavior contributed to outperformance during the quarter.

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