Insights

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Investment performance was mixed across asset classes during the second quarter against a backdrop of stronger economic growth in the U.S. and China, election uncertainties (particularly in Italy and Mexico), intensifying trade tensions, and central banks' transition away from policy stimulus and quantitative easing (QE) to quantitative tightening (QT).  Energy prices (Brent Crude +14%) and the U.S.

Quarterly Letter

Investment performance was mixed across asset classes during the second quarter against a backdrop of stronger economic growth in the U.S. and China, election uncertainties (particularly in Italy and Mexico), intensifying trade tensions, and central banks' transition away from policy stimulus and quantitative easing (QE) to quantitative tightening (QT).  Energy prices (Brent Crude +14%) and the U.S.

The Altrinsic Emerging Markets Equity portfolio delivered a -5.4% return during the second quarter, outperforming the 8.0% decline by the MSCI Emerging Markets Index as measured in U.S. dollars.  Rising U.S.

Volatility returned in the first quarter as investors reassessed the potential impact of rising interest rates, the reversal of quantitative easing (QE), and the increasing trade tensions between the U.S. and China.  The Perterra Emerging Markets Fund, LP was down 2.7% during the quarter, while the MSCI Emerging Markets Index gained 1.4%, as measured in U.S.

The Altrinsic International Equity Portfolio gained 1.3% during the first quarter, outperforming the 1.5% decline by the MSCI EAFE Index as measured in U.S.

Quarterly Letter

The Altrinsic Global Equity portfolio gained 0.2% during the first quarter, outperforming the 1.3% decline by the MSCI World Index as measured in U.S.

Quarterly Letter

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The fear that persisted in the aftermath of the Global Financial Crisis (GFC) has been replaced by complacency and growing excesses in many markets.  It was difficult to lose money in 2017, as 38 of the 39 major asset classes monitored by Deutsche Bank delivered positive returns.  Global equity markets, as measured by the MSCI World Index, climbed in every single month of 2017 and have now delivered a 237% total return since their 2009 lows.2  Stock market valuations have become stretched by historical measures, while interest rates, credit spreads, and volatility hover near all-time lows. 

Quarterly Letter

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World markets registered another quarter of strong returns against a backdrop of synchronized global growth, resilient manufacturing and services activity in China, and a potentially stimulative tax reform package in the U.S.  Gains were broad based across asset classes, including emerging markets which gained 7.4%. 

Absolute returns have been strong, but it has been difficult for those of us applying a value discipline to outpace the MSCI Emerging Markets Index, in which the largest constituents and leading performers are a concentrated group of highly valued growth stocks.  

Quarterly Letter

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The fear that persisted in the aftermath of the Global Financial Crisis (GFC) has been replaced by complacency and growing excesses in many markets.  It was difficult to lose money in 2017, as 38 of the 39 major asset classes monitored by Deutsche Bank delivered positive returns.  As measured by the MSCI World Index, equities climbed in every single month of 2017 and have now delivered a 237% total return since their 2009 lows.2  Stock market valuations have become stretched by historical measures, while interest rates, credit spreads, and volatility hover near all-time lows.  Reflecting th

Quarterly Letter

Exclusive

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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