Fiera Capital International ADR Strategy Q1 '19 Commentary

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Includes: APTV, AZN, BABA, BAM, BIDU, CPA, DASTY, FSV, IFNNF, INXN, ITUB, JAZZ, LRLCF, LVMHF, SAUHF, SNE, UOVEF, WB, WNS
by: FieraCapitalUS
Summary

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.

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.