International Equity Commentary | Q1 2018

Quarterly Letter

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. dollars.  Stock-specific factors were the primary drivers of outperformance, most notably among our financial and healthcare holdings.  Policy matters had an important impact on markets, as growing concerns about protectionism, trade wars, and rising interest rates contributed to the increase in volatility and market weakness that began in late January.  Further signaling that a long overdue transition in markets could be underway, the narrow performance leadership of large technology companies is being called into question, as regulatory headwinds appear to be increasing.  Your portfolio is positioned quite differently than the broad market indices and in favor of a changing market environment.