While the S&P 500® Index was largely flat in the first two months of the year, the MSCI ACWI ex US Small Cap Index jumped 11%.
Our net asset value rose 2.9% during the quarter, while our benchmark fell 0.5%.
Given the portfolio's relatively low turnover, our outperformance, as in many other times, was not due to a quick portfolio repositioning nor to an astute geopolitical or macro insight.
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Investment Process
We seek to invest in high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes. The investment universe is generally non-US equities with market caps below $5 billion.
