Over a 12-month-rolling period, only 23% of Europe managers and only 22% of US managers as well as 29% of emerging markets managers outperformed their benchmarks net of fees.
In October, the performance of active managers across different regions differed considerably: while a thin majority of 52% of emerging markets managers outperformed their benchmarks, only 24% of Europe managers outperformed their respective indices net of fees. US managers performed in between; 30% outperformed their benchmarks.
In Europe as well as in the US, large caps outperformed small caps. In Europe, the US as well as in emerging markets, value stocks clearly outperformed growth stocks in October. Sector-wise and globally, particularly defensive sectors such as utilities and consumer staples outperformed. On the other side of the spectrum, industrials, energy and materials have been the main underperformers. This global sector performance also applied for the US, while in Europe, telecom has been the best performing sector and information technology the worst.
Please find the full fundinfo Research News – November 2018 edition including a summary of manager meetings attached on the left.