Aristotle International Equity ADR Q1 2025 Commentary

Summary

• Global equity markets started the year on a modestly negative note, with the MSCI ACWI Index returning ‑1.32% for the first quarter.
• For Q1 2025, Aristotle Capital’s International Equity ADR Composite posted a total return of 4.05% gross of fees, underperforming the MSCI EAFE Index, which returned 6.86%, and the MSCI ACWI ex USA Index, which returned 5.23%.
• As we progress through the early stages of 2025, the convergence of persistent macroeconomic forces with the renewed presence of trade conflicts has added to the uncertainty facing equity markets.

Richard Drury

(All MSCI index returns are shown net and in U.S. dollars unless otherwise noted.)

Markets Review

Global equity markets started the year on a modestly negative note, with the MSCI ACWI Index returning ‑1.32% for the first quarter. In contrast, global fixed