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 adversely positioned in US companies compared to benchmark. Poor stock selection in US Technology the main driver.
- Apple and NVIDIA Underweights Costly. Underweights in both stocks contributed over -1% to relative losses.
- Active vs Passive: Active Global funds trail SPDRs MSCI ACWI by 21% over 10 years, with huge variation in Style performance over the period. Value and Yield funds the big laggards.
For more analysis, data or information on active investor positioning in your market, please get in touch with me on steven.holden@copleyfundresearch.com
Related Posts
