International Value [[{“value”:”
2024 was a disappointing year for our International Value Equity strategy which in USD returned -2.1%, compared to the +3.8% return of the EAFE and the +5.7% return of the EAFE Value.
The headwinds we faced in 2024 can be separated into three categories. First, the influence of mega-cap stocks drove the cap-weighted EAFE to outperform the equal-weighted EAFE by 210 bps. Over the past 30 years, the cap-weighted EAFE index has underperformed the equal-weighted index by 40 bps annualized. However, in 2024 it was the opposite, creating a headwind to our performance, as we have found the higher-quality values we seek outside of the mega-cap range.”}]]
