Through a Wider Lens: The Growth Opportunity Beyond US Markets

The past 12 months have been chaotic and norm-busting for international investors, but have the rules of international investing changed? We answer “no.” For the past 20 years, we have managed through a range of crises, market shocks, and macroeconomic cycles. We believe investors should maintain a long-term perspective for many reasons, including:

• Despite recent outperformance, international growth equities remain historically inexpensive
• The international growth equity space is inefficient and thus offers opportunities for active investors
• Passive international equity strategies are underexposed to secular growth companies

We believe this is no time for investors to pull back from international equities. Historically, well-run and innovative international companies have been a potential source of long-term returns for portfolios. In fact, we believe the uncertainty and volatility in global markets offers potential opportunities for investors with the skill, perspective, and acumen to exploit them.