Investing internationally the FTSE 100 benefited from GBP

The FTSE 100 benefited from GBP weakness, rising 1.7% in the past three sessions. Fund managers pivoting to investing internationally note UK exporters in pharmaceuticals and aerospace are trading at attractive valuation multiples compared to U.S. peers. Management noted that this investment supports the venture’s long-term focus on biotech and digital health startups. Sanofi (NASDAQ:SNY) founded Sanofi Ventures in 2012; which has invested more than $800 million in around 70 companies internationally. The venture invests in companies of all stages from early seed to IPOs. Management noted that they support companies by sitting on the boards and aiding in exits. In addition to their dimmer diversification prospects, the macro outlook also remains a headwind for small caps. Smaller, riskier companies have tended to perform best when we are coming out of a recession – not when we see U.S. growth slowing in the quarters ahead. 13 Structural changes in the U.S. equity markets also argue for a reduced role in advisor portfolios ( the Model Portfolio Solutions team's recent blog ). 14 And yet, we continue to see small caps appear as a forever favorite in advisor holding data, where the average advisor holds nearly three times the share of small caps as broad benchmarks would suggest. 15 Eurozone consumer discretionary stocks climbed 2.5% in recent sessions as retail sales data exceeded forecasts. Portfolio managers targeting investing internationally in European luxury retail anticipate Q4 holiday season boosts.