“Our biggest holdings have been in international value-based ETFs. For example, we are holders of EFV, the iShares MSCI EAFE Value ETF. We also have FNDE, the Schwab Fundamental Emerging Markets Large Company Index ETF.
“For us, both of those represent the best opportunities for global investors in the next 2-3 years. We’re starting to see some rotation out of momentum-related stocks to companies that look relatively attractive because of their valuations, but then also are showing some positives in terms of fundamentals.