We remain constructive about the outlook for international markets, and ESG, over the remainder of 2021. Value may continue to outperform Growth, but the sharpest part of the bounce may be behind us and we believe a balanced and flexible core position is still the best one in this market.
We retain a long-term focus in our investment horizon and remain true to our core set of repeatable investment principles of finding high-quality stocks that can sustainably create business value over the long run and a general avoidance of trying to time or trade around short-term shifts in investor positioning or sentiment.
Entering 2021, we believe strong growth opportunities for emerging markets remain intact. A global injection of liquidity, low interest rates and a stable dollar is a very favorable cyclical setup as we recover from the global pandemic.
We continued the work that began over the summer by fine-tuning risk exposures and shifting allocations as COVID-19 cases rose, election-related volatility increased, and leverage across corporations and governments rose. Our ability to find value helped boost quarterly results despite the concerns over government stimulus and unemployment.
We are constructive about the outlook for international markets in 2021. While the bounce in Value versus Growth and a number of other underperforming markets may have a ways to run, we believe a balanced but flexible core stance is still the best one in this market.
The market forces investors to adapt, and current market conditions have accelerated many changes that were already in motion. We welcome market volatility, which plays to our strengths, but it has become more fleeting with every day.