Over a 12-month-rolling period, 37% of Europe managers and only 18% of emerging markets managers as well as 29% of US managers outperformed their benchmarks net of fees.
In September, the performance of active managers varied significantly compared to the previous month with respect to regions: while a majority of 53% of emerging markets managers outperformed their benchmarks, only 16% of Europe managers outperformed their respective indices net of fees. US managers performed in between; 34% outperformed their benchmarks.
In contrast to the previous month, in Europe as well as in the US, large caps significantly outperformed small caps in September. In Europe, value stocks clearly outperformed growth stocks; while, in the US, no overall significant difference in value vs. growth stocks could be observed over the same period. Sector-wise, particularly value sectors such as energy but also telecom and healthcare outperformed. On the other side of the spectrum, financials, technology and utilities have been the main underperformers.
Please find the full fundinfo Research News – October 2018 edition including a summary of manager meetings attached on the left.