Favorable environment for value investing

2016 was a decent year for equity returns, and this continued in the first quarter of 2017. Developed markets rose almost 5%, with Europe slightly outperforming the US, and Japan slightly weaker. Emerging Markets led the way, partly thanks to their attractive valuations.

Looking at our funds in the first quarter, the reversal of the market rotation was something of a headwind for our developed market funds. Emerging markets rebounded, partly thanks to the weaker dollar, and our funds continued to out-perform. Within Europe, returns were in line with benchmark, well supported by our European small cap exposure, where smaller, domestic-oriented companies seemed to have been preferred by foreign investors wanting exposure to the European economic recovery. Meanwhile, within the US where the reversal was stronger, we lost some ground relative to the index – this of course also hurt the overall.

Read the full Quarterly report on Value Equities here.


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