Quarterly Letter
Global policy normalization was the key factor driving markets during the fourth quarter. Responses to inflationary pressures have varied, but many emerging markets have been progressive in raising rates. While this weighed on the relative performance of emerging market equities versus global equity markets, it may prove to be prescient. In addition, the more proactive interest rate policies have not gone unnoticed in the currency markets, as the MSCI EM Currency Index remained near its all-time highs.
