Fundametrics® International Small Cap Equity

1Q 2023 Performance Summary and Observations

  • The Fundametrics International Small Cap Equity strategy returned 7.47% for the quarter, leading the FTSE Developed ex-US Small Cap Index return of 6.73%.
  • International developed markets picked up where they left off last year as investors drove prices higher in the face of old and new challenges during the first quarter.
  • With recent relative strength, attractive relative valuations and weaker-than-normal currencies, international markets should be a talking point. After a decade of underperformance, allocators are likely underweight international markets, especially small caps.
  • The winning factor profile bounced around during the quarter, but the one constant was low valuation—a staple of the strategy.
  • Alpha Composite model results were strong for the quarter. The Buys (6.93%) beat Sell-rated stocks (+5.13%). The Financial Warnings overlay results were mixed. Buy candidates that passed all screens, or Safe, were even with Avoid-rated stocks, but those that failed underperformed.

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