January 30, 2015
Fourth Quarter 2014: Chart of the Quarter
Today's most appealing valuation opportunities appear largely in companies domiciled outside of the United States. International Developed, Emerging Market, and Commodity-related equities all sport high relative risk premiums and represented the largest overweights in client portfolios at the start of 2015. A diversified basket of these equities offers more than 250 basis points of excess expected return above the broad U.S. market over a seven-year horizon. Inside the United States, small cap stocks, and in particular, small cap value stocks, remain an overvalued part of the market from our perspective.
On a quarterly basis, Hirtle Callaghan publishes our perspective on the current market. We have included the first page of that piece below. If you would like to receive the full perspective, please contact us.