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Rebound of value stocks in April hurt emerging market managers

OpinionsRebound of value stocks in April hurt emerging market managers

Over a 12-month-rolling period, 33% of Europe managers and 36% of emerging markets managers as well as 48% of US managers outperformed their benchmarks net of fees.

In April, active managers in the US showed good results; 58% of the managers outperformed their respective indices net of fees. Europe managers and especially emerging market managers could not convince. 33% of Europe managers outperformed their indices in April and only 15% of emerging market managers were able to beat their benchmarks.

In all regions, small caps performed more or less in line with large caps in April. Sector-wise, energy stocks performed well in all regions, while consumer staples and healthcare underperformed. Value stocks outperformed growth stocks in April. The outperformance of energy contributed negatively especially to the performance of many emerging markets managers as they had an underweight position in this sector. In addition to that, the underperformance of growth stocks had a negative effect on EM managers in particular.

Please find the full fundinfo Research News – May 2018 edition including a summary of manager meetings attached on the left.