The last quarter of 2015 ended up being a good one. Markets rebounded strongly from September lows. Over the full year, developed markets delivered strongly positive returns, while emerging markets had somewhat negative returns.
The ma-jority of our funds delivered reasonable-to-strong relative re-turns. For example, Sparinvest Global Value EUR I rose 13.14% versus a return of 10.42% for MSCI World.
Read the Letter to Shareholders here.