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- During the second quarter, the International Growth Composite Portfolio (the “Portfolio”) outpaced the MSCI ACWI Index.
- On the back of better-than-expected corporate results, international stocks have continued moving higher off the lows they reached in October-2022.
- The top relative contributors to the Portfolio’s performance over the second quarter included Sage Group, ICON Plc, and Shopify. These were also the top contributors on an absolute basis. The most significant relative detractors from performance included Teleperformance, Evolution AB and MercadoLibre. The top three detractors to performance on an absolute basis were slightly different, including Kering instead of MercadoLibre.
- We initiated a new position in Lasertec, added to existing positions in Bunzl and HDFC Bank, and trimmed existing positions in Kering, LVMH, and Adidas. We did not eliminate any positions during the quarter.
- The Portfolio continues to hold a concentrated collection of quality companies. With valuations reset lower across the Portfolio, we believe prospects for solid earnings growth over the coming three to five years are compelling.
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