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This interview with two of our research analysts, Rich McCormick (global financials) and Glenn Cunningham (global technology), dives into the underappreciated risk of disruption to traditional banking businesses.  Fintech firms have banks' profitable consumer and small business segments in the cross-hairs.  Meanwhile, investors have largely been bullish on banks since the November 2020 COVID-19 vaccine announcement.  We question how much value is left to unleash and believe the risks of disruption could take center stage.

Emerging market equities trailed developed markets in the second quarter; however, performance varied by individual markets and segments within EM (Chart 1).  Regionally, North Asian countries’ mega cap technology stocks came under pressure from sweeping regulations changes, causing weak performance and offsetting strong performance in Latin America and EMEA.

Equity markets delivered strong gains in the second quarter, aided by continued policy stimulus, robust economic and corporate earnings growth, positive sentiment stemming from fewer global COVID-19 cases, and a supportive interest rate environment.  Health care stocks led the market on softening political rhetoric and positive new drug discoveries, while higher quality stocks in consumer staples and technology also advanced sharply.  

Quarterly Letter

Equity markets delivered strong gains in the second quarter, aided by continued policy stimulus, robust economic and corporate earnings growth, positive sentiment stemming from fewer global COVID-19 cases, and a supportive interest rate environment.  Large cap “new economy” stocks led the markets in Q2 given the supportive interest rate environment, while health care stocks advanced on softening political rhetoric and positive new drug discoveries.  

Altrinsic Global Advisors, LLC today announced the appointment of Robert Job as Head of Corporate Development & Strategy.  In this newly created role, Job will oversee all aspects of business strategy, development, client experience, product management, and other organizational initiatives.

Equity returns were strong in the first quarter, supported by positive economic and corporate earnings revisions that offset the negative impact of rising interest rates.  The Altrinsic International Equity portfolio gained 3.6%, as measured in US dollars, compared with the MSCI EAFE Index’s 3.5%.  The most significant market developments were a continued rotation into cyclical and leveraged equities, a surge in commodity prices (S&P GSCI +14.2%), increased inflation expectations, and negative returns for bonds (FTSE WGBI -3.2%).

Equity returns were strong in the first quarter, supported by positive economic and corporate earnings revisions that offset the negative impact of rising interest rates.  The Altrinsic Global Equity portfolio gained 6.1%, as measured in US dollars, compared with the MSCI World Index’s 4.9%.  The most significant market developments were a continued rotation into cyclical and leveraged equities, a surge in commodity prices (S&P GSCI +14.2%), increased inflation expectations, and negative returns for bonds (FTSE WGBI -3.2%).

International equity markets delivered strong gains during the fourth quarter with the Altrinsic International Equity portfolio and the MSCI EAFE Index returning 15.4% and 16.0%, respectively, as measured in US dollars.  As shown in Charts 1 and 2, the strong narrow leadership by highly priced technology stocks that prevailed during most of the year gave way to a rebound in deep cyclical and lower quality businesses during the fourth quarter as encouraging vaccine developments spurred optimism about a return to normal life and improving economic conditions.  Financial markets continued to b

Quarterly Letter

Global equity markets delivered strong gains during the fourth quarter with the Altrinsic Global Equity portfolio and the MSCI World Index both returning 14.0%, as measured in US dollars. As shown in Charts 1 and 2, the strong narrow leadership by highly priced technology stocks that prevailed during most of the year gave way to a rebound in deep cyclical and lower quality businesses during the fourth quarter as encouraging vaccine developments spurred optimism about a return to normal life and improving economic conditions.  Financial markets continued to be bolstered by unprecedented amou

Equity markets delivered solid gains during the third quarter, propelled by significant upward revisions to corporate earnings prospects, low interest rates, and a US Federal Reserve policy announcement suggesting that interest rates will be kept low for the foreseeable future.  COVID-19 case counts remain elevated and economic conditions generally remain pressured, but recent data has been trending better than consensus expectations.  As stock markets appear to be discounting further economic improvement, they continue to be led by a small group of highly-valued "new economy" stocks that a

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