Q4 2020 International and Global Growth Equity Strategies

Stimulus measures throughout the year have helped valuation multiples grow richer, despite a collapse in corporate earnings and economic fundamentals. This dynamic underlines the biggest source of market returns this past year: the expansion of valuation multiples. Chautauqua's International and Global Growth strategies were able to again outperform in the fourth quarter, aided by changes in the portfolios, including taking profits from some high valuation “winners” and redeploying to lower valuation holdings.

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