Over a 12-month-rolling period, 54% of Europe managers and 46% of emerging markets managers as well as 41% of US managers outperformed their benchmarks net of fees.
In March, active managers in all regions showed average results. 48% of Europe managers outperformed their indices in March net of fees. In the US, 46% of the managers outperformed their respective indices net of fees and also 35% of emerging market managers were able to beat their benchmarks.
In all regions, size factors did not play an important role as small caps performed more or less in line with large caps in March. Sector-wise, utility and energy stocks performed well in all regions and contributed negatively to the performance of many active funds as they had an underweight position in those sectors. In addition to that, the underperformance of technology stocks had a negative effect on US managers in particular.
Please find the full fundinfo Research News - April 2018 edition including a summary of manager meetings attached on the left.