Global Value [[{“value”:” 

Our Global portfolio delivered a return of 1.7% in the first quarter. This performance outpaced the MSCI World index by 350 bps. In a reversal of the trend of the prior two years, the Magnificent Seven mega-cap growth stocks on average declined by over 15%, dragging down the MSCI World. While we trailed our value style benchmark by 310 bps, we are encouraged by the meaningful outperformance versus the MSCI World benchmark.
The broader market story this quarter was the remarkable strength of markets outside the U.S. While the S&P 500 declined 4.3%, the MSCI EAFE index rose 6.9%, an 11.2 percentage point difference and the widest quarterly spread between the two since Q2 of 2002, nearly 23 years ago.
Non-U.S. markets have been shunned and with reason, given the dominating performance of the S&P 500 over the past 15 years. But in the wake of investors passing over stocks outside the U.S., we’ve found plenty of opportunities. Heading into this year, we had 9 high-quality non-U.S. businesses trading for less than 10x forward earnings and the overall portfolio traded at a P/E of just 11.0x. In the first quarter, we benefited from this extreme valuation potential in non-U.S. stocks, and we believe there is substantially more remaining.”}]]