Tue, 13/11/2012 - 16:12
Global equity markets have posted positive performance after central bankers moved to bolster market liquidity, according to Camradata’s latest Independent Quantitative (IQ) Universe Evaluation Report.
Managers have done well in this space. Artisan Partners demonstrated strong excess and risk-adjusted returns towards the top of the rankings. RCM also showed genuine skill in beating the benchmark, putting in a strong, relative performance.
There has been no change for the most consistent performer across all asset classes. Aberdeen Asset Management continues to place in the top five performing managers across five universes.
European equities were not fully floated by the rising tide of liquidity as the median return was down from 13.3 per cent in IQ1 to 10.3 per cent, although there was a marginal fall in risk. Managers on Camradata Live generally beat the benchmark with the MSCI Europe Index dropping in the lower quartile of returns.
MFS and RCM differentiated themselves at the top of this universe with MFS posting the highest return in the universe and RCM, again, showing genuine skill against the benchmark.
Camradata founder Steve Butler says: “As ever, the Camradata IQ Report identifies managers making headway in spite of continuing economic bleakness. Investors can map the bright spots and black clouds with our latest findings.
“Navigating the markets remains extremely challenging. European Central Bank and US Federal Reserve actions to increase liquidity have delivered but doubts remain over the long-term sustainability of the recovery in risky asset prices as economic fundamentals struggle to match market upturn.”
The spread on multi-asset returns reduced from last quarter running from 1.1 per cent to 15.1 per cent although the maximum and median returns did decrease over the period. However, managers in the universe managed to reduce the level of risk they were taking with the median absolute risk down from 8.2 per cent to 6.9 per cent.
Invesco Perpetual knocked Fifth Third off the top of the quantitative ranking, demonstrating a good record of relative and risk-adjusted returns.
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