International Equity Commentary | Q1 2019

Quarterly Letter

U.S. Federal Reserve Chairman Powell's shift to more accommodative policies and improving confidence surrounding U.S.-China trade negotiations were the primary drivers of strong first-quarter gains for most asset classes.  As seen in Chart 1, Q1 performance was an abrupt reversal from the fourth quarter swoon.  Global equities, as measured by the MSCI World Index, gained 12.5% as measured in U.S. Dollars, led by U.S. equities and, most notably, high-priced "growth" stocks.  Non-U.S. equities responded in kind, gaining 10.0% as measured by the MSCI EAFE Index.  The Altrinsic International Equity composite gained 8.9% during the quarter.