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7 min read | Data breaches are up 280-fold over the past decade, and worldwide underinvestment in cybersecurity and data protection is a massive problem.  A ransomware attack now occurs every 11 seconds.  The cost to control cybercrime has ballooned to 1% of global GDP but related spending still represents just 3.6% of companies’ IT budgets.  This paper by Glenn Cunningham (global technology analyst), presents a case for why data has become one of the world’s hottest commodities and why protecting it has become a hot button topic for corporate and political leaders alike.  

 Altrinsic Global Advisors, LLC today announced the appointment of Scott Ruddick as Strategic Relationship Manager.  As a member of the Global Distribution team, Ruddick will oversee the firm’s consultant relations efforts and focus on developing relationships with institutional investors and advisory partners.

The Altrinsic Emerging Markets Opportunities portfolio declined by 6.9%, outperforming the 8.1% decline of the MSCI Emerging Markets Index, as measured in US dollars.  Positive attribution came from our underweight exposure to China internet and related stocks, our broad overweight in Indian equities, and our differentiated approach to communication services.  Significant volatility within emerging markets, driven particularly by its largest market, China, defined the quarter.

The Altrinsic International Equity portfolio declined 2.2% during the quarter, compared with declines of 0.4% and 3.0% for the MSCI EAFE and MSCI All Country World ex-US indices, respectively, as measured in US dollars.  Strong performance by our financials holdings was offset by weakness among health care, communications, and consumer-related investments that lagged due to uncertainties stemming from COVID-19 and China. 

Quarterly Letter

The Altrinsic Global Equity portfolio declined 0.7% during the quarter, compared with the 0.0% return of the MSCI World Index and the 1.1% decline of the MSCI All Country World Index, as measured in US dollars.  Strong performance by our financials holdings was offset by weakness among health care and communications investments that lagged due to uncertainties stemming from COVID-19 and China.  

12 min read  |  In this paper, we explore the inherent characteristics of the emerging markets (EM) asset class through an economic lens and discuss the key investment criteria that differentiate emerging markets from developed markets. We also challenge the influence of existing benchmarks, which feature significant concentration problems at both the issuer and country level, on investors’ asset allocation decisions and managers’ security selection.

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.  

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