Harris Associates International Equity Strategy Q4 2024 Commentary

2025-02-04 08:15:00 ET

Summary

• The portfolio’s return was -8.46% (net) for the reporting period vs. MSCI World ex USA Index that returned -7.43% for the same period.
• International equities finished lower during the quarter with all GICS sectors posting negative returns.
• As we look forward to 2025, we note that the spread between growth and value remains especially wide relative to history, both in US and international markets.

MARKET ENVIRONMENT

International equities finished lower during the quarter with all GICS sectors posting negative returns. By sector, health care and materials were the most significant detractors from market returns during the period. By country, Switzerland and France were the largest detractors while Israel and Singapore contributed to market performance....

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