Fiera Capital International Equity Strategy Q1 '19 Commentary

by: FieraCapitalUS

The International Equity strategy was up in absolute performance and outperformed the MSCI EAFE index over the quarter, on a gross basis.

Our relative outperformance was driven by both sector allocation; including our overweight position to the outperforming Information Technology sector, as well as security selection, which was particularly successful in the Consumer Discretionary sector.

Partially offsetting these positives was stock selection in the Industrials sector which detracted value.

Our sector and regional weights are driven by bottom-up stock selection. As we enter the second quarter of 2019, we are underweight the Euro Zone and Japan as we continue to seek more attractive individual opportunities in other parts of the world, such as Switzerland, the UK, and Emerging Markets.

We are currently overweight Industrials, Consumer Staples, and Information Technology while underweight Financials, Energy, and Communication Services.

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