Against a background of global financial uncertainty, the latest quarterly figures from CAMRADATA paint a more positive picture for investors, with managers piling up returns across the range of markets.
European fixed income, UK equity, global equity and multi-asset classes universes demonstrated that opportunities had been taken with median managers topping benchmarks over the three-year period.
CAMRADATA managing director Steve Butler says the IQ Q3 report indicated investors’ capital was in safe hands – with the right asset manager.
“The doom-laden tone of general news coverage of the turmoil in the markets belies the fact that asset managers are continuing to uncover, pinpoint and deliver returns for their clients,” says Butler. “What’s key is that those clients have access to clear, concise and consistent data that boils down the facts into identifiable and accessible information. By smoking out real value, this can be invaluable in manager selection.
“Investors are demanding clear and straightforward analysis and they can only get that if managers post their data promptly. In doing so, performance across the markets is reflected more accurately for the benefit of all its players.”
UK equities fund managers continue to turn in strong performance over the last three years with dramatic improvements. Against a median measure of 3.3 per cent above benchmark, some managers posted a rise of 26 per cent. Majedie made the top five, delivering the highest level of persistent returns.
In European fixed-income, where the median manager out-performed the benchmark by six per cent, Insight retained top-spot, partly to a rise in excess return (a measure of overall added value). Wellington entered the top five at number four. Both scored well with a high Gaussian noise factor, which demonstrates that a manager is doing more than just random stock-picking.
This quarter, Standard Life’s GARS fund has been knocked off its number one spot to second by a newcomer to the CAMRADATA multi-asset universe, Fifth Third Asset Management. At number three is La Compagnie Benjamin de Rothschild SA, which is running at a much lower risk to the rest of the top 20.
The performance of Pyramis across a number of universes was noted. The number of participants in the fund of hedge funds universe has also risen from 15 to 21 since our previous IQ report.