Equity markets delivered strong gains in the second quarter, aided by continued policy stimulus, robust economic and corporate earnings growth, positive sentiment stemming from fewer global COVID-19 cases, and a supportive interest rate environment. Large cap “new economy” stocks led the markets in Q2 given the supportive interest rate environment, while health care stocks advanced on softening political rhetoric and positive new drug discoveries.
Altrinsic Global Advisors, LLC today announced the appointment of Robert Job as Head of Corporate Development & Strategy. In this newly created role, Job will oversee all aspects of business strategy, development, client experience, product management, and other organizational initiatives.
Equity returns were strong in the first quarter, supported by positive economic and corporate earnings revisions that offset the negative impact of rising interest rates. The Altrinsic Global Equity portfolio gained 6.1%, as measured in US dollars, compared with the MSCI World Index’s 4.9%. The most significant market developments were a continued rotation into cyclical and leveraged equities, a surge in commodity prices (S&P GSCI +14.2%), increased inflation expectations, and negative returns for bonds (FTSE WGBI -3.2%).
Equity returns were strong in the first quarter, supported by positive economic and corporate earnings revisions that offset the negative impact of rising interest rates. The Altrinsic International Equity portfolio gained 3.6%, as measured in US dollars, compared with the MSCI EAFE Index’s 3.5%. The most significant market developments were a continued rotation into cyclical and leveraged equities, a surge in commodity prices (S&P GSCI +14.2%), increased inflation expectations, and negative returns for bonds (FTSE WGBI -3.2%).
Global equity markets delivered strong gains during the fourth quarter with the Altrinsic Global Equity portfolio and the MSCI World Index both returning 14.0%, as measured in US dollars. As shown in Charts 1 and 2, the strong narrow leadership by highly priced technology stocks that prevailed during most of the year gave way to a rebound in deep cyclical and lower quality businesses during the fourth quarter as encouraging vaccine developments spurred optimism about a return to normal life and improving economic conditions. Financial markets continued to be bolstered by unprecedented amou
International equity markets delivered strong gains during the fourth quarter with the Altrinsic International Equity portfolio and the MSCI EAFE Index returning 15.4% and 16.0%, respectively, as measured in US dollars. As shown in Charts 1 and 2, the strong narrow leadership by highly priced technology stocks that prevailed during most of the year gave way to a rebound in deep cyclical and lower quality businesses during the fourth quarter as encouraging vaccine developments spurred optimism about a return to normal life and improving economic conditions. Financial markets continued to b
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
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
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).
