Over a 12-month-rolling period, 46% of Europe managers and 39% of emerging markets managers as well as 33% of US managers outperformed their benchmarks net of fees.
In June, active managers in Europe could not convince; only 38% of the managers outperformed their respective indices net of fees. While emerging market managers showed a slightly better performance with 45% outperforming their respective benchmark, only 35% of US managers were able to beat their benchmarks.
In Europe as well as in the US, small caps performed in line with large caps in June and growth stocks showed a rather similar performance than value stocks. Sector-wise, utilities outperformed in Europe while consumer discretionary showed the weakest performance. The outperformance of utilities did hurt Europe managers as most of them have an underweight in this sector.
Please find the full fundinfo Research News – July 2018 edition including a summary of manager meetings attached on the left.