Fiera Capital U.S. Equity Q4 2018 Commentary

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Includes: AZO, CME, MA, MCO, PEP, PX, TIF, TJX, UTX, VAR
by: FieraCapitalUS
Summary

Our highest conviction ideas are selected for this research-focused approach that identifies what we believe are best of breed companies with a sustainable competitive advantage and growth potential, trading at what we believe are attractive valuations.

This commentary reviews the previous quarter and discusses our outlook and positioning for the US Equity strategy.

The Fiera Capital US equity strategy, while down in absolute performance, outperformed the S&P 500 Index over the quarter, on a net basis. Our relative outperformance was mainly driven by our security selection, which was particularly successful in the IT and Financials sectors.