In last month’s commentary, we sought to support our desire to maintain international equity exposures with an argument in favor of the greater diversification they may provide. This month we want to offer a bit of a boost to the idea using a review that should be familiar. The rather subdued relative performance of international equities has left their valuations generally lower, versus their own historical levels and relative to the U.S. market. While those gaps do not suggest immediate reward is due, in our view they bolster the idea that a portfolio inclusive of global stocks may find relative favor over the longer-term.