UK Funds: Performance & Attribution Review, Q2 2024

260 UK Equity funds, AUM $185bn UK Funds: Performance & Attribution Review, Q2 2024 Summary UK Funds Match Benchmark in Q2: Active UK funds achieved an average Q2 return of +3.62%, in line with the benchmark and with just over half of funds outperforming the index. Performance Correlated to Style: Performance was strongly influenced by style, with Value funds leading …

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China Funds: Performance & Attribution Review, Q2 2024

143 MSCI China Equity funds, AUM $38bn MSCI China Funds: Performance & Attribution Review, Q2 2024   Summary Heavy underperformance in Q2: Average returns of 3.46% lag the iShares MSCI China ETF by -3.15%, with just 11.5% of funds outperforming. Key Industry Level Positioning Costs Managers: At the industry level, 2.3% of underperformance was observed across Internet Software/Services, Alcoholic Beverages, …

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Global Funds: Performance & Attribution Review, Q2 2024

330 Global funds, AUM $1.1tr Global Funds: Performance & Attribution Review, Q2 2024 Summary Challenging Q2 as majority underperform: Average returns of 1.29% lag the SPDRs MSCI ACWI ETF by -2.2%, with 69% of funds underperforming. Growth beats Value: All Style groups lost out to the benchmark, with Value funds experiencing notable underperformance. USA Drives Underperformance:  Global funds once again …

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Asia Ex-Japan: Performance & Attribution Review, Q2 2024

99 Asia Ex-Japan active equity funds, AUM $53bn Asia Ex-Japan: Performance & Attribution Review, Q2 2024 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 …

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GEM Funds: Performance & Attribution Review, Q2 2024

352 Global Emerging markets active equity funds, AUM $429bn GEM Funds: Performance & Attribution Review, Q2 2024   Summary Strong Q2 returns but passive beats Active: Average active fund returns of 3.91% fail to beat the iShares MSCI EM ETF return of 4.39%, with 54% of funds underperforming. Growth beats Value: All Style groups underperform the benchmark on average, though …

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Positioning Insights & Investment Trends, June 24

332 Global Equity Funds, AUM $1.1Tr Positioning Insights & Investment Trends In this month’s report, we look at positioning in France and the United Kingdom ahead of the upcoming snap elections. We highlight a regime shift in the Industrials sector, the decline in US Consumer Staples exposure and continued outward rotation in Biotechnology stocks. Summary France: Global Funds Overweight Ahead …

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Positioning Insights & Investment Trends, June 24

352 emerging market Funds, AUM $424bn Positioning Insights & Investment Trends In this month’s report, we look at positioning in the 3 recent election markets of Mexico, South Africa and India, highlight the largest country/sector underweight in EM, a recovery in Turkish Financials and a drop in South Korean Materials Exposure.   Summary Mexico: GEM Funds Wrong-Footed after Election Results.  …

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UK Communication Services: Old Guard Fuels Sector Downturn

264 active UK equity funds, AUM $190bn UK Communication Services: Old Guard Fuels Sector Downturn Summary • Significant Decline in Sector Allocation: Exposure to the Communication Services sector among active UK investors has dropped from over 10% in 2012 to a new low of 4.14%, with a record 12% of funds completely avoiding the sector. • Widespread Reduction in Ownership: …

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China Real Estate: Continued Fund Rotation Drives New Lows

144 active MSCI China equity funds, AUM $40bn China Real Estate: Continued Fund Rotation Drives New Lows Summary Record Low Allocations: Real Estate holdings in active China equity funds have plummeted to a new low of 2.51%, with only 76.4% of funds maintaining any position. Concentrated Holdings: The number of Real Estate companies held has dropped to 42, with the …

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Active Asia Ex-Japan Funds: Top-Down Country Insights

99 Asia Ex-Japan active equity funds, AUM $55bn Active Asia Ex-Japan Funds: Top-Down Country Insights Summary South Korean Pivot:  Asia Ex-Japan investors move to overweight South Korea for the first time in our history, SK Hynix and Kia Corp among the beneficiaries.    India Fatigue: Despite India’s outperformance and rising fund weights, managers show caution, with nearly 2/3rds of funds …

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