Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
There was a revival across most asset classes in Q1, equities and commodities included.
Europe remains a wildcard, with anemic growth and issues such as a no-deal Brexit and low/negative yields providing cause for caution.
In Q1, global markets ex-US lagged the performance of US markets.
The International ADR portfolio returned +14.9% gross and +14.6% net in Q1, outperforming its benchmark, the MSCI ACWI ex-US index by +4.6% and +4.3%, respectively.