Investment Advisor Magazine's International SMA Money Manager of the Year for 2012, Cambiar Investors, reviews this past quarter and provides their global outlook for 2013 in their latest investment commentary. "International equities had a mixed quarter, as developed markets (MSCI EAFE Index) posted a 5.1% gain, while the MSCI Emerging Markets Index declined by 2.1%. After a strong start to the year, buyer's fatigue appeared to set it. An uptick in negative newsflow (banking crisis in Cyprus, election in Italy, increasing tension between North Korea and South Korea) further incentivized investors to move to the sidelines in the back half of the quarter."