Active managers showed good results in May

Over a 12-month-rolling period, only 22% of Europe managers, 34% of US managers as well as 40% of emerging markets managers outperformed their benchmarks net of fees. Before fees, the respective numbers are 34%, 49% and 62%. The underperformance of small caps over the last 12 months hurt most managers in Europe as a majority had an overweight in this market cap cluster.

In May, the performance of active managers in all regions was quite good. 70% of emerging market managers, 60% of US managers and 51% of Europe 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, financials performed poorly while consumer staples and healthcare showed a strong performance.

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