Over a 12-month-rolling period, 42% of Europe managers and only 17% of emerging markets managers as well as 34% of US managers outperformed their benchmarks net of fees.
In August, the performance of active managers varied significantly across different regions; while a majority of 68% of Europe managers outperformed their benchmarks, only 21% of emerging markets managers outperformed their respective indices net of fees. US managers performed in between; 41% outperformed their benchmarks.
Particularly in Europe but also in the US, large caps underperformed small caps in August, while growth stocks showed a stronger performance than value stocks. Sector-wise, especially technology but also healthcare and consumer discretionary outperformed. On the other side of the spectrum, energy and materials have been the main underperformers.
Please find the full fundinfo Research News – September 2018 edition including a summary of manager meetings attached on the left.