Active Asia Ex-Japan managers faced challenges in the third quarter of 2024, with average fund returns at +7.6% lagging behind the iShares MSCI AC Asia Ex-Japan ETF by -1.41%. Over two-thirds of the funds in our analysis underperformed the ETF. Returns ranged from a high of +15.8% to a low of +1.57%, with most funds landing between 6% and 10%.

Style-wise, only GARP strategies outpaced the benchmark on average, while Yield and Market Cap Blend strategies were the weakest performers, averaging 5.1% and 5.85% respectively.

Significant overweights in Samsung Electronics and SK Hynix were major detractors, alongside Cash exposure. On the positive side, strong performances from overweights such as Ping An Insurance, Trip.com, and AIA Group helped offset some of the losses from South Korea.