Camradata’s IQ report for Q1 2013 shows equities reaping gains across the globe but poses a question mark against fundamentals behind Eurozone performance.
Major indices in the UK, US and Japan returned double digit growth over the first three months of the year as the US government pulled back from a fall over the fiscal cliff, boosting optimism for the global economy.
But it was in America that equities surged ahead the most, returning 10.7 per cent in USD over the quarter, compared to a 0.2 per cent loss over the final three months of 2012. The same three managers continue to occupy the top three rankings as they did in the previous quarter with Delaware Investments displaying strong relative and risk-adjusted returns.
Multi-asset managers have been nimble in taking advantage of switching safe-haven assets to on-risk asset classes with Invesco Perpetual’s numerous large wins against the cash target lifting them to number-one spot in this universe.
Increased volatility in China and data offering mixed messages has required managers to call on their knowledge of this particular market to stay ahead. Aberdeen Asset Management has delivered strongly against the MSCI China benchmark.
MFS and its Smaller Companies Fund headed the list in European equities, showing genuine skill in beating the benchmark and strong downside protection in Camradata’s largest universe.
Camradata founder and managing director Steve Butler (pictured) says: “Well documented doubts over the Eurozone hasn’t prevented investors making returns. We believe this is down to a bullish attitude and proportionate risk-taking, rather than firm figures proving beyond doubt that recovery is assured.
“In the US and China, the most skilled managers are growing assets despite question marks over the sustainability of these economies, so signs are encouraging even if any sight of a solid, long-term recovery is still distant. As ever, market conditions continue to present opportunities for expert managers.”