I read the following comment this morning in the Money Management daily enews…Market Neutral Funds Underrated: Zenith… There is demonstrable portfolio improvement to be had from allocating to market neutral strategies as part of the equity allocation… That says to me that if you want to improve your equities part of the portfolio then replace …
Category Archive: Managed Funds
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Oct 29
Australian Equities Fund Manager Style over time
A couple of weeks ago I did a post showing Fama French 3 Factor analysis on some of the leading Australian Equities fund managers. The analysis covered returns from June 2003 to September 2011 so it obviously covered a mixture of markets…bull bear and sideways. I just completed the same analysis but this time I …
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Oct 17
SPIVA Results – Active Managers still struggling
I’m quite late in reporting the recent performance of fund managers from my favourite performance report, Standard and Poor’s SPIVA. For those that don’t know the reason why this is my favourite report on fund manager performance is that it considers survivorship. It does this by examining all fund managers at the start of the …
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Oct 14
Australian Equity Manager’s Investment Style…maybe not all true to label
Its been a little while since I wrote anything on managed fnds. Yesterday I attended a series of presentations at Griffith University whereby undergrad students presented results of their previous few months working in financial services. Some of the results were very interesting including how many global fund managers demonstrated a different investment style than …
Sep 15
Hedge Funds and Banks straining
Last night UBS lost $2billion due to another “rogue” doing unauthorised trades and as reported last night by Zero Hedge, Goldman Sachs are shutting down their famed (or perhaps infamous), Global Alpha hedge fund. The obvious question posed by Zero Hedge is whose next? and I wonder which Australian fund(s), if any, will be hit. …
Sep 10
A few thoughts on investment strategy for today
With the US heading towards recession and the Euro Sovereign Crisis getting ugly again where to invest one’s funds has never been tougher. Australian bonds yields are around 4%, meaning they are on PE ratio of 25 which compared to local and global shares, which are currently on forward PEs of around 10, are very …
Jun 30
ING sells Australian funds management business to UBS
Looks like there’ll be a fair few redemptions coming up for ING’s and maybe even UBS’s managed funds because today ING have sold their Australian funds business to UBS. This is no comment on the quality of either team, but there is bound to be some unrest over the coming months as teams are merged and …
Apr 14
A lack of Global Small Cap investing???
International equity small-cap stocks widely outperformed large-cap stocks over the year to September 2010, returning 24.4 per cent and 12.7 per cent, respectively in US dollar terms. I took the above from today’s InvestorDaily email and whilst the fact that global small cap outperformed large cap is not surprising, as it is bound to happen …
Mar 22
The Best Australian Share Funds don’t achieve their Alpha Targets
Source: van Eyk, Morningstar The above chart contains some performance statistics of a list of Australian share funds with at least a 5 year track record and were awarded an A-Rating by van Eyk this month. The A-rating is the second highest possible rating van Eyk award with the highest being AA…no Australian share fund achieved an AA …
Mar 16
SPIVA Report – Active Managers Bad Year
My favourite investmnent returns report was released yesterday by Standard and Poors, their SPIVA Report. Its my favourite because unlike other investment return analysis/reports, this report takes into consideration investment fund survivorship. As many of us know, when an investment fund continues to underperform it typically closes never to be seen again and the reports …