Q4 2019 International and Global Growth Equity Strategies
Equity markets enjoyed a strong finish to the year. Positive stock performance was broad-based, and all sectors and regions benefited. Valuation multiple expansion was responsible for most of the market appreciation in the last year. Equity markets also benefited from central banks’ pivot towards lower interest rates. We remain cautious as economic fundamentals are still weak and market performance has been overly reliant on monetary accommodation.