Global equity markets followed strong first quarter returns with another positive period for the second quarter, despite evidence of weakening global production precipitated by ongoing trade conflicts. Unfortunately, it was not confidence in the global economy that drove prices higher, but relief that central bankers would hold rates lower for longer to support growth. The ECB “stands ready to ease,” the Fed Open Market Committee is no longer “patient,” the BOJ “intends to maintain the current extremely low levels of interest rates for an extended period,” and the PBoC “has tremendous room to adjust policy.” Twenty-five central banks have already lowered their cash rate this year, including economies like Australia, India, and New Zealand.
Within the Saratoga International Equity Portfolio, on a sector basis, Materials and Consumer Staples were the best performers on an absolute basis, while Financials was the best relative performer. Health Care and Utilities companies were the worst performers on an absolute and relative basis. On a geographic region basis, the portfolio had favorable stock selection across four of seven regions. Emerging EMEA (Europe, Middle East and Africa) was the top performing region on an absolute basis, while Developed Americas was the top performing region on a relative basis, with all holdings in the region outpacing the benchmark region. Emerging Asia was the worst absolute performer. The portfolio’s largest sector allocation on an absolute basis is to Financials, while Industrials is the largest relative overweight sector. From a regional standpoint, Developed Europe is the largest absolute allocation, while Developed Americas is the largest relative overweight.___________________________
Information contained herein was obtained from recognized statistical services and other sources believed to be reliable and we therefore cannot make any representation as to its completeness or accuracy. Any statements not of a factual nature constitute opinions which are subject to change without notice.
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