Fundametrics® International Small Cap Equity
Q3 2021 Performance Summary and Observations
- The Fundametrics International Small Cap strategy returned 0.19% for the quarter, a slight lag to the FTSE Developed ex-US Small Cap Index return of 0.44%.
- Alpha Composite “Hold” rated stocks outperformed both “Buy” and “Sell” rated stocks for the quarter. Monthly Alpha Composite results were mixed as each month experienced different style leadership. Regional composite results were also mixed, but in total were slightly positive.
- Overall, the Value style lagged Quality and Growth this quarter, but there still appears to be ample opportunity for Value as Growth stocks trade at a 151% premium to Value stocks compared to a 64% long-term average.
- Results from the Financial Warnings overlay were positive again this quarter. Buys that passed all screens slightly outperformed the Avoid-rated stocks and outperformed the stocks rated as Fail by 4.8%. The Fail-rated stocks typically carry multiple measures of high risk.
- Developed international small-cap stocks were one of the few bright spots in global equity markets this quarter, although their absolute returns were small.
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