Perspectives Newsletter: Q1, 2015
After significantly underperforming the US markets in 2013 and 2014, international market returns were higher than domestic in the first quarter. The beginning of US style quantitative easing in Europe pushed the Euro down and stocks up while China led Emerging Markets higher. In the US, domestically focused mid and small cap stocks outperformed the S&P as a stronger dollar weighed on the earnings outlook for multinational corporations. Growth stocks posted a much better return than value stocks amid evidence of another first quarter economic soft patch.
