The Altrinsic International Equity Portfolio gained 7.9% in the second quarter, outperforming the MSCI EAFE's 6.1% rise as measured in U.S. dollars. Outperformance was overwhelmingly driven by stock-specific factors, most notably delivered by our investments in Nintendo (Japan), Japan Exchange (Japan), and Heineken (Netherlands). At the broad market level, underlying corporate earnings have been strong, but the degree of complacency in many markets concerns us. Macro imbalances persist and stock market valuations remain elevated, following a robust nine-year climb.
The Altrinsic Global Equity portfolio gained 5.9% in the second quarter, outperforming the MSCI World's 4.0% rise as measured in U.S. dollars. Outperformance was overwhelmingly driven by stock-specific factors, most notably delivered by our investments in Nintendo (Japan), Ionis Pharmaceuticals (U.S.), Heineken (Netherlands), Nestlé (Switzerland), and Intercontinental Exchange (U.S.). At the broad market level, underlying corporate earnings have been strong, but the degree of complacency in many markets concerns us.
Global equity markets, as measured by the MSCI World Index gained 6.4% during the first quarter. The Altrinsic Global Equity portfolio returned 5.0% over the same period, as measured in U.S. dollars. An improving outlook for corporate profits in many parts of the world, easing of stresses emanating from China, and a continuation of reflationary central bank monetary policies outweighed the ongoing geopolitical uncertainties, lofty asset valuations, and macroeconomic imbalances in many of the world’s largest countries.
The Altrinsic International Equity Portfolio gained 7.4% during the first quarter. International equity markets, as measured by the MSCI EAFE index returned 7.2% over the same period, as measured in U.S. dollars. An improving outlook for corporate profits in many parts of the world, easing of stresses emanating from China, and a continuation of reflationary central bank monetary policies outweighed the ongoing geopolitical uncertainties, lofty asset valuations, and macroeconomic imbalances in many of the world’s largest countries.
The Altrinsic Global Equity portfolio gained 0.7% and 11.9% during the fourth quarter and full year, respectively. By comparison, the MSCI World gained 1.9% and 7.5% over the same periods, as measured in U.S. dollars. Strong absolute and relative gains were delivered during an eventful year in which key developments, most notably Brexit results and the election of Donald Trump, defied the odds makers.
The Altrinsic International Equity Portfolio declined 1.2% and gained 8.9% during the fourth quarter and full year, respectively. By comparison, the MSCI EAFE declined 0.7% and gained 1.0% over the same periods, as measured in U.S. dollars. Strong absolute and relative gains were delivered during an eventful year in which key developments, most notably Brexit results and the election of Donald Trump, defied the odds makers.
The Altrinsic Global Equity portfolio gained 7.2% during the third quarter, outperforming gains of 4.9% and 5.3% for the MSCI World and ACWI indices, respectively, as measured in U.S.
The Altrinsic International Equity Portfolio gained 7.7% during the third quarter, outperforming gains of 6.4% and 6.9% for the MSCI EAFE and ACWI ex-US indices, respectively, as measured in U.S. dollars. Stock-specific factors were the primary drivers of outperformance, led by positions in the technology, energy, telecommunications, consumer staples, and industrial sectors.
The Altrinsic Global Equity portfolio gained 2.7% during the second quarter. By comparison, both the MSCI World and ACWI indices increased 1.0% as measured in U.S. dollars. Stock-specific factors were the primary sources of outperformance amidst an eventful macro backdrop. During the quarter, British citizens voted to leave the European Union, concerns about the European banking system intensified, Middle East unrest spread to distant lands, and the yields on U.S.
The Altrinsic International Equity Portfolio gained 3.1% during the second quarter. By comparison, the MSCI EAFE declined 1.5% and the MSCI ACWI ex-U.S. Index was down 0.6% as measured in U.S. dollars. Stock-specific factors were the primary sources of outperformance amidst an eventful macro backdrop. During the quarter, British citizens voted to leave the European Union, concerns about the European banking system intensified, Middle East unrest spread to distant lands, and the yields on U.S. Treasuries fell near their lowest level ever.
