MEOH - Polaris International Equity Composite Q1 2024 Commentary

2024-04-25 08:30:00 ET

Summary

• Polaris Capital Management, LLC is a leading global value equity manager, serving the investment needs of institutions and individuals since 1995. Polaris has one of the longest global and international equity track records of any firm presently in operation and continuously managed by the same individuals.
• Global equity markets enjoyed consecutive months of gains, with the MSCI EAFE Index returning 5.93% for the quarter.
• The Polaris International Equity Composite returned 3.78% (net of fees), lagging the benchmark.
• Portfolio revisions in early 2024 proved fruitful, as we steered away from the passenger car market in favor of the broader truck market.

Global equity markets enjoyed consecutive months of gains, with the MSCI EAFE Index returning 5.93% for the quarter. European markets rounded the corner, reporting better-than-expected inflation figures, while the U.S. continued its hot streak on the back of mega-cap tech stocks. Asian countries and select emerging markets also posted modestly positive returns, with a notable market re-rating in Japan as the country reevaluated its stance on deflation. Major central banks (including the Federal Reserve) wrestled with the idea of rate cuts, holding firm as the drivers of inflation remain in play. The exceptions were the Swiss National Bank, which cut rates, and aforementioned Japan, which raised rates for the first time in 17 years....

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