Fiera Capital International Equity Q4 2018 Commentary

|
Includes: AGN, APTV, BIDU, CKHGF, CKHGY, CPA, CS, DASTF, DASTY, DEO, HDB, HOCPF, HOCPY, IBN, INXN, ITUB, KMTUF, KMTUY, LYB, NVS, PUK, SNE, SU
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 International Equity strategy.

The International ADR portfolio underperformed its benchmark (MSCI ACWI ex-US) by -2.6% in Q4 (-14.1% vs. -11.5%), and by -4.1% for the full year (-18.4% vs. -14.3%) on a gross basis. On a net basis, the portfolio returned -14.3% for the quarter and -19.3% for the year.