Aristotle Capital International Equity ADR Strategy’s Q1 2023 Investor Letter

Aristotle Atlantic Partners, LLC, an investment advisor, released its “International Equity ADR” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Aristotle Atlantic’s International Equity ADR strategy returned 6.59% gross of fees (6.43% net of fees) compared to the MSCI EAFE Index’s 8.47% return and MSCI ACWI ex USA Index’s 6.87% return. Both security selection and allocation effects led the fund to underperform in the quarter. Security selection in Europe and exposure to Emerging Markets detracted from the relative performance of the fund in the quarter, while an underweight exposure and security selection in Asia contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.