April was a good month for active managers

Over a 12-month-rolling period, only 22% of Europe managers, 22% of US managers as well as 39% of emerging markets managers outperformed their benchmarks net of fees. Before fees, the respective numbers are 35%, 36% and 62%. The underperformance of small caps over the last 12 months hurt most managers in Europe and the US since a majority had an overweight in this market cap cluster.

In April, the performance of active managers in the US and Europe was quite good. 58% of US managers, 56% of Europe managers and 51% of emerging markets managers outperformed their respective indices net of fees. In Europe as well as in the US, growth indices showed a better performance than value indices. As most active managers have a growth bias, they benefited from this development. Sector wise, healthcare performed poorly while information technology showed a strong performance in both regions.

Please find the full fundinfo Research News - May 2019 edition including a summary of manager meetings attached on the left.