International Equity Commentary | 3Q 2023

Quarterly Letter

9 min read | The Altrinsic International Equity portfolio declined 2.1% (-2.4% net) during the third quarter, as measured in US dollars, compared with declines of 4.1% and 3.8% for the MSCI EAFE and MSCI All Country World ex-US indices, respectively.   Outperformance came amid volatility in stock, bond, currency, and commodity markets, as markets and economies are grappling with an environment transitioning from one flooded with free money to one of rising nominal and real interest rates.  This transition, coupled with significant uncertainty around growth, inflation, regulation, technology competition, and government policy, contributes to elevated risk in markets.  We believe these factors should support a broadening out in markets with greater attention paid to quality, valuation, and risk.