Summary
- Strong Q2 Returns Match Benchmark: Average active fund returns of 6.75% match the iShares Asia Ex-Japan benchmark, with 50.8% of funds outperforming.
- Value beats Growth: Value and Yield funds had the edge on the quarter, with GARP funds the only Style to underperform the benchmark. Top performers posted 10%+ returns on the quarter.
- Technology Sector Again Drives Returns: Taiwan Technology contributes the most to absolute returns, aided by China & HK and India positions.
- Indonesia Overweights Costly: Indonesian Financials overweights dragged on relative returns, in addition to poor stock selection in China & HK and the Financials sector.
- Key Stock Overweights Pay Off: Overweights in SK Hynix, Tencent Holdings and HDFC Bank helped offset the drag from Cash holdings over the quarter.
For more analysis, data or information on active investor positioning in your market, please get in touch with me on steven.holden@copleyfundresearch.com
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