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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

Quarterly Letter

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

Quarterly Letter

The Altrinsic Global Equity Composite gained 14.6% during the second quarter.  By comparison, the MSCI World Index gained 19.4% as measured in U.S. dollars, led by U.S. equities (S&P 500 +20%) and richly valued tech stocks (NASDAQ +30.6%). Measures to reopen economies, increased optimism surrounding a vaccine, and hopes for a V-shaped recovery have been supportive, but the primary driver of the rally in risky assets has been the announcement of extraordinary fiscal and monetary stimulus, amounting to 29% of global GDP (Table 1).

The Altrinsic International Equity Composite gained 13.8% during the second quarter, as measured in U.S. dollars. By comparison, the MSCI EAFE Index and the MSCI All Country World ex-U.S.Index gained 14.9% and 16.1%, respectively, led by richly valued technology stocks. Measures to reopen economies, increased optimism surrounding a vaccine, and hopes for a V-shaped recovery have been supportive, but the primary driver of the rally in risky assets has been the announcement of extraordinary fiscal and monetary stimulus, amounting to 29% of global GDP (Table 1).

July 16, 2020 -- Altrinsic Global Advisors, LLC today announced the appointment of Sara Sikes as Head of Client Experience. In this newly created role, Sikes will provide strategic direction and oversight to the firm's client service, communications, and marketing efforts.

The first quarter of 2020 was one of the worst on record, and it certainly felt like it.  In a matter of weeks, a virus that likely emerged from a wet market in Wuhan, China, brought the global economy to a halt.  A Saudi-Russian induced oil price war exacerbated the decline.  Only cash, select government bonds, and gold provided refuge from the carnage.  There is tremendous uncertainty in the near term, as policymakers inject wartime stimulus into economies, creating a bridge until health risks subside and economic activity recovers.  Opportunities are emerging amid the associated uncertai

The first quarter of 2020 was one of the worst on record, and it certainly felt like it.  In a matter of weeks, a virus that likely emerged from a wet market in Wuhan, China, brought the global economy to a halt.  A Saudi-Russian induced oil price war exacerbated the decline.  Only cash, select government bonds, and gold provided refuge from the carnage.  There is tremendous uncertainty in the near term, as policymakers inject wartime stimulus into economies, creating a bridge until health risks subside and economic activity recovers.  Opportunities are emerging amid the associated uncertai

2019 was an extraordinary year for most asset classes, and global equities in particular, with the MSCI World Index delivering its third best gain in the past 30 years.  Markets climbed a wall of worry, receiving a boost from the January reversal of central bank policy coupled with an easing of two significant risk factors faced at the beginning of the year:  Sino-US trade tensions and Brexit.  International equities delivered solid returns but were outpaced by US equities and highly priced technology stocks, which led the advance.  Unlike the poor market sentiment entering 2019, current bu

Quarterly Letter

2019 was an extraordinary year for most asset classes, and global equities in particular, with the MSCI World Index delivering its third best gain in the past 30 years.  Markets climbed a wall of worry, receiving a boost from the January reversal of central bank policy coupled with an easing of two significant risk factors faced at the beginning of the year:  Sino-US trade tensions and Brexit.  US equities and highly priced technology stocks led the advance.  Unlike the poor market sentiment entering 2019, current bullishness has reached six-year highs, while other measures of risk, includi

The Altrinsic International Equity composite gained 1.0% during the third quarter, outperforming declines of 1.1% and 1.8% by the MSCI EAFE and ACWI ex-US indices, respectively, as measured in US dollars.  International markets actually delivered positive returns, as measured in local currencies, but weakness in non-US currencies versus the US dollar more than offset underlying gains.  Dovish central banks and subdued inflation provided a supportive backdrop for equities, but the weight of tepid growth in profits, weakening economic indicators, high debt levels, and escalating geopolitical

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