The past 12 months have been chaotic and norm-busting for international investors, but have the rules of international investing changed? We answer “no.” For the past 20 years, we have managed through a range of crises, market shocks, and macroeconomic cycles. We believe investors should maintain a long-term perspective for many reasons, including:
- Despite recent outperformance, international growth equities remain historically inexpensive.
- The international growth equity space is inefficient and thus offers opportunities for active investors.
- Passive international equity strategies are underexposed to secular growth companies.
We believe this is no time for investors to pull back from international equities. Historically, well-run and innovative international companies have been a potential source of long-term returns for portfolios. In fact, we believe the uncertainty and volatility in global markets offers potential opportunities for investors with the skill, perspective, and acumen to exploit them.
The views expressed herein are those of Jennison Associates at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice. This commentary is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services. This commentary does not constitute investment advice and should not be used as the basis for any investment decision. This commentary does not purport to provide any legal, tax, or accounting advice. PGIM Investments LLC is a registered investment advisor with the U.S. Securities and Exchange Commission.
Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. The manager has no obligation to update any or all such information, nor do we make any express or implied warranties or representations as to the completeness or accuracy. Any projections or forecasts presented herein are subject to change without notice. Actual data will vary and may not be reflected here. Projections and forecasts are subject to high levels of uncertainty. Accordingly, any projections or forecasts should be viewed as merely representative of a broad range of possible outcomes. Projections or forecasts are estimated, based on assumptions, subject to significant revision, and may change materially as economic and market conditions change.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.
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