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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Global High Dividend ADR strategy significantly outperformed in Q1 2025 as international equities rallied versus US markets. European industrials and financials led performance while energy holdings benefited from supply concerns."
Schafer Cullen's Global High Dividend ADR strategy delivered strong Q1 2025 performance, outperforming the MSCI ACWI Index by 930 basis points as international equities significantly outperformed US markets. The strategy benefited from value outperforming growth by over 1170 basis points and international equities outperforming US equities by over 960 basis points. Key contributors included European industrials like Siemens and BAE Systems benefiting from increased defense and infrastructure spending, European financials gaining from higher interest rates, and energy holdings like Chevron and Energy Transfer rallying on supply concerns. The managers believe international equities are in early stages of returning to favor, trading at near-record discounts to US peers while positioned for catalysts including European fiscal expansion and energy transition demand. Portfolio companies demonstrated strong dividend growth with 82% increasing payments by 9.7% year-over-year. The strategy maintains focus on high-quality companies with strong balance sheets capable of delivering progressive dividend growth over full market cycles.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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