The Russian Nesting Doll of International Value Returns: Why Your Value Manager(s) Might Disappoint You in a Value Market

The Russian Nesting Doll of International Value Returns: Why Your Value Manager(s) Might Disappoint You in a Value Market

Q1 2022 saw the largest one quarter outperformance of international value in twenty years, and yet 93% of international value managers underperformed the international value benchmark.1 While the disruption of commodity markets from the invasion of Ukraine led to outsized returns in commodity sensitive stocks …