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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy needs and policy reforms."
In Q4 2025, international equities concluded a highly successful year with the MSCI EAFE Index gaining 31.2% and outperforming U.S. markets by the widest margin since 1993. The rally displayed healthy breadth, extending from technology into Utilities, Industrials, and Financials. Despite escalating geopolitical risks (notably China-Japan tensions over Taiwan) and challenges to central bank policies, equity markets trended higher while safe-haven gold hit record highs. Bailard's EAFE Plus Composite returned 5.45% (net) for the quarter, outperforming its benchmark, aided by positive country allocations in Korea and Spain, and a well-timed tactical increase in Japan following the election of PM Sanae Takaichi.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Growth Outlook
Market outlook remains above average conviction: International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Risk Appetite
Risk appetite posture is above average conviction: International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Forward Guidance
Forward guidance signal: International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Language Signal
Tone analysis indicates above average conviction language: International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
Time Horizon
Investment time horizon reflects a high conviction orientation. International equities significantly outperformed U.S. stocks in 2025, marking the start of a anticipated multi-year leadership phase supported by secular drivers like AI energy ne...
