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Virtus Viewpoints:
Understanding Risks, Unearthing Opportunities

Political turmoil once again fueled market volatility in the third quarter. The Organization for Economic Cooperation and Development lowered its 2019 global GDP growth forecast to less than 3% in September, with both developed and emerging economies showing weakness. Stalling economic growth sent central bankers and policymakers around the globe to their armories for monetary and fiscal weapons to combat the slowdown. The uncertainty caused sharp swings in global equity markets, yet the MSCI All Country World Index (ACWI) ended the quarter essentially flat.

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Index definitions:
MSCI All Country (AC) World measures equity performance of developed and emerging markets. MSCI EAFE® measures developed foreign market equity performance, excluding the U.S. and Canada. MSCI Europe measures equity market performance of Europe’s developed markets. MSCI Japan measures performance of the Japanese market’s large and mid-cap segments. MSCI AC Asia Pacific ex Japan measures equity market performance of Asia’s developed and emerging markets (excluding Japan), Australia and New Zealand. MSCI Emerging Markets measures equity market performance in global emerging markets. MSCI AC World ex US measures equity performance of developed and emerging markets, excluding the U.S. S&P 500® measures performance of 500 of the largest U.S. companies. All indexes are free float-adjusted market cap-weighted and calculated on a total return basis with dividends reinvested.

The commentary is the opinion of the subadviser. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

Past performance is not indicative of future results.

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