Quarterly Letter
The Altrinsic International Equity Portfolio delivered a 3.8% return during the third quarter, outperforming the 1.4% gain by the MSCI EAFE Index as measured in U.S. dollars. Strong equity market gains during the quarter masked a challenging environment characterized by a significant divergence in underlying stocks’ performance. The dominance by a small group of high-priced and crowded U.S. tech companies continued, while a growing number of stocks across industries have stalled. We welcome the resulting value that is emerging in new areas, however, it is being presented against a backdrop of deteriorating financial conditions in a growing number of countries and a reversal of the policies that fueled the post-crisis rally in asset prices.
