Q1 2021 International and Global Growth Equity Strategies
The coronavirus vaccine rollout began worldwide. The U.S. rollout has been particularly successful and while most other major economies are still far behind, vaccine programs are a global positive because they have given line of sight to the economic reopening and recovery. Because of this, expectations for a more powerful global recovery have materialized and financial markets responded in force. In one of the most severe equity market rotations in years, shares of technology and other growth stocks were battered, while shares of beaten down sectors and value stocks rose significantly. In this environment, Chautauqua’s portfolios appreciated in value, but we underperformed relative to our benchmarks.