SMGZY - Artisan International Small-Mid Fund Q1 2024 Earnings Preview

2024-04-25 09:15:00 ET

Summary

• Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally.
• Global equities advanced in Q1 primarily on investor expectations of central bank interest rate cuts in the US, EU and UK.
• Our portfolio outperformed the MSCI ACWI ex US SMID Index in Q1, primarily due to our stock selection in health care.
• With the ongoing macroeconomic challenges and geopolitical uncertainties around the world, volatility remains elevated in both the equity and bond markets.

Investing Environment

Global equities advanced in Q1 primarily on investor expectations of central bank interest rate cuts in the US, EU and UK. However, the timing and magnitude of potential cuts are far from certain, as inflation remains above the Federal Reserve's 2% target and labor market strength persists. Macro dynamics, including volatility around interest rate expectations, continue to drive the markets against the backdrop of persistent inflation in the US and a sluggish economic recovery in China. In Japan, the central bank ended its negative rate regime after eight years and signaled it could raise rates further, although real rates are still in negative territory. In addition, volatility in foreign exchange markets remains elevated amid heightened economic uncertainties around the world....

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