| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 5.96% | -1.02% | -1.02% |
The Optimum International Fund declined 1.02% in Q1 2026, underperforming the MSCI ACWI ex USA Index which returned -0.71%. The fund employs two sub-advisors: Acadian Asset Management and Baillie Gifford, each managing distinct portfolio allocations. European markets posted modest gains early in the quarter driven by attractive valuations versus the US and optimism around German fiscal spending, but sentiment shifted in March as escalating conflict involving Iran triggered a sharp energy shock. Asian markets also started strong with gains in AI-related technology stocks, particularly in Taiwan, South Korea, and Japan, but finished weaker after the March selloff. Energy led sector performance globally, while technology, consumer discretionary, and communications services lagged. The Acadian sleeve outperformed through healthcare stock selection and underweight consumer discretionary allocation, while the Baillie Gifford sleeve underperformed despite benefiting from semiconductor exposure. Rising energy costs fueled inflation concerns, leading to more hawkish central bank positioning.
The fund provides diversified international exposure through two sub-advisors managing European and Asian equity allocations, with performance driven by sector rotation, geopolitical developments, and regional market dynamics.
Looking ahead, inflation, energy prices, fiscal execution, and geopolitical developments remain key drivers for European markets. For Asian markets, inflation pressures, energy costs, and geopolitical risks remain key challenges for the region.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 6 2026 | 2026 Q1 | - | Asia, energy, Europe, Geopolitical, inflation, international, technology | - | International fund declined 1.02% in Q1 2026, underperforming benchmark as geopolitical tensions involving Iran triggered energy shocks in March. Early strength in European valuations and Asian AI stocks was erased by rising oil prices and inflation concerns. Energy sector led performance while technology and consumer discretionary lagged amid margin pressure. |
| Jan 30 2026 | 2025 Q4 | 000660.KS, 005930.KS | AI, Asia, banks, Europe, international, semiconductors, technology | - | The Optimum International Fund returned 3.26% in 4Q2025, underperforming its benchmark despite strong European and Asian market performance. European equities hit record levels on earnings strength and policy clarity, while South Korea surged 20% on AI demand benefiting Samsung and SK Hynix. Mixed sub-advisor performance with Acadian outperforming and Baillie Gifford underperforming. |
| Nov 5 2025 | 2025 Q3 | - | AI, Asia, Currency, Europe, international, technology, Trade Policy | - | Optimum International Fund underperformed in 3Q2025 as both European and Asian markets faced mixed conditions. European markets rose despite trade tensions and currency headwinds, while Asian markets surged on AI optimism and China tech strength. Both sub-advisors underperformed due to sector allocation and stock selection challenges across technology, financials, and industrials. |
| Jul 22 2025 | 2025 Q2 | - | AI, Asia, Currency, Europe, international, technology, Trade Policy | - | International fund underperformed in 3Q2025 as both European and Asian sub-advisor sleeves lagged the benchmark. European markets faced trade tensions and currency headwinds while Asian markets surged on AI optimism and China tech strength. Fund maintains international exposure with attractive valuations despite geopolitical and currency challenges affecting performance. |
| Mar 31 2025 | 2025 Q1 | - | AI, Asia, defense, equities, Europe, international, tariffs | - | International fund returned 4.02% in Q1 2025, underperforming benchmark on mixed global performance. Europe excelled on fiscal stimulus and defense spending despite tariff threats. Asia showed divergent results with AI-driven gains in Hong Kong offset by Japan's tariff concerns. Both sub-advisors underperformed due to IT overweights and mixed stock selection across sectors. |
| Dec 31 2024 | 2024 Q4 | - | Asia, Currency, emerging markets, Europe, international, Trade Policy | - | International fund outperformed benchmark despite 4.89% Q4 decline through dual sub-advisor approach. European markets weakened on ECB policy divergence and Trump trade concerns while Asian equities fell on currency pressure and tariff fears. Strong industrials selection and IT overweight drove relative outperformance amid broad international equity headwinds. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyEnergy led European markets by a wide margin in Q1, supported by higher commodity prices following escalating conflict involving Iran. Surging oil and gas prices triggered a sharp energy shock, fueling inflation concerns across both European and Asian markets. |
Oil Natural Gas Energy Shock Commodity Prices Iran |
AIAsian equity markets saw strong gains in AI-related technology stocks during January and February, particularly in Taiwan, South Korea, and Japan, before the broader market selloff in March erased these gains. |
Technology Taiwan South Korea Japan Semiconductors | |
InflationRising energy costs fueled inflation concerns across both European and Asian markets, leading central banks to adopt more cautious, hawkish tones and pushing bond yields to multi-year highs. |
Central Banks Bond Yields Energy Costs Monetary Policy | |
| 2025 Q4 |
GrowthThe Fund seeks long-term growth of capital by investing in growth-oriented common stocks using a quantitative formula that identifies stocks with highest one-year price appreciation meeting specific criteria. The Growth Strategy considers stock price appreciation because it is often associated with positive fundamentals such as strong growth or improving profitability. |
Growth Appreciation Fundamentals |
FinancialsThe Fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate fluctuations, and other factors. |
Financials Regulatory Interest Rates | |
| 2025 Q3 |
AIAsian markets surged in 3Q, led by strong gains in China technology stocks and artificial intelligence (AI)-related stocks in South Korea and Taiwan. China's stock rally was driven by optimism in AI and easing trade tensions with the US. |
Technology China Taiwan South Korea |
Trade PolicyTrade tensions escalated as President Trump imposed new tariffs on EU goods, raising uncertainty for industries like autos, pharmaceuticals, and luxury brands. India underperformed due to steep US tariffs and visa fee hikes impacting its technology sector. |
Tariffs EU India Technology | |
| 2025 Q2 |
AIAsian markets surged in 3Q, led by strong gains in China technology stocks and artificial intelligence (AI)-related stocks in South Korea and Taiwan. China's stock rally was driven by optimism in AI and easing trade tensions with the US. |
Technology China Taiwan South Korea |
Trade PolicyTrade tensions escalated as President Trump imposed new tariffs on EU goods, raising uncertainty for industries like autos, pharmaceuticals, and luxury brands. India underperformed due to steep US tariffs and visa fee hikes impacting its technology sector. |
Tariffs EU India Technology | |
| 2025 Q1 |
Defense SpendingEurope announced an €800B EU defense plan which lifted markets and boosted optimism. Defense pledges supported European equity performance despite funding challenges that persist. |
Defense Military Security Spending Budget |
AIArtificial intelligence breakthroughs like DeepSeek's innovation boosted the Hang Seng Index by more than 15%. AI momentum provided support to selective areas within Asian equity markets. |
Artificial Intelligence Innovation Technology DeepSeek | |
Trade PolicyPresident Trump's looming tariffs and trade policies threatened European exports and weighed heavily on Asian automakers. However, China tech stocks received some relief as rhetoric was less severe than expected. |
Tariffs Trade Exports Policy Trump |
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