Australian Institutional Sector Survey

Transcription

1 May 2016 Issue 50 Australian Institutional Sector Survey Detailed performance tables tailored for Australian Institutional Investors This Month s Review and Outlook Welcome to this month's Morningstar Australian Institutional Sector Survey, designed to facilitate meaningful comparisons of Australian investment strategies. The Survey comprises easy-to-read performance tables for the principal asset classes, showing investment managers' gross returns, rankings, and statistics over standardised time periods. Market and Investment Manager Summary Australian share fund managers generally posted sound results in April. The median Australian share manager gained 2.9 percent for the month and lost 3.8 percent over the year to 30 April 2016, although was ahead of the S&P/ASX 300 index s -4.7 percent. Longer-term annualised returns from the median manager were 6.2 percent over three years, 7.5 percent over the five years, and 5.7 percent over the 10 years to 30 April The best-performing Australian share strategies over the year were Bennelong Concentrated (19.9 percent), Macquarie High Conviction (14.7 percent), and Hyperion (8.9 percent). Global share strategies performed better than Australian shares in aggregate over the year to 30 April The median manager returned -0.9 percent on an unhedged basis, individual results ranging from 9.0 down to percent. Longer-term median results were 18.6 percent over the three years, 14.3 percent over the five years and 4.5 percent over the 10 years to 30 April Antipodes (9.0 percent), CFS (6.7 percent), and Vanguard (5.3 percent) were the best-performing global share funds over the year. The median Australian property securities manager gained 15.5 percent over the year, a notch below the index s 15.6 percent. APN (17.6 percent), Ibbotson (16.5 percent) and Ironbark (16.3 percent) were the best performers. Growth assets produced mixed results over the month. Australian equities was the best-performing growth asset class (3.3 percent), followed by Australian listed property (2.8 percent), global equities (2.4 percent), and global listed property (-1.0 percent). Growth Australian share strategies did better than their value counterparts over the year. The S&P Australia BMI Growth Index returned -3.9 percent compared to the S&P Australia BMI Value Index s -5.7 percent. Resources (15.4 percent) was the standout sector of the Australian sharemarket in April 2016, followed by materials (14.3 percent), and energy (7.5 percent). Poorer-performing sectors included consumer discretionary (-1.7 percent), utilities (-0.3 percent), and telecom (0.5 percent).k Peter Gee Research Products Manager Australian Equity 1 Australian Equity Long/Short 4 Australian Small Companies 5 Global Equity 6 Emerging Markets 8 Global Small Companies 9 Australian REITs 10 Australian Direct Property 11 Global REITs 12 Global Listed Infrastructure 13 Australian Fixed Income 14 Australian Inflation Linked Bonds 15 Global Fixed Income 16 Diversified Fixed Income 17 Australian Cash 18

2 Survey Notes General Rates of return show the compounding of an investment made at the beginning of each period, expressed as a percentage, gross of on-going management fees and expenses. a Returns for periods greater than one year are annualised. a Performance figures are rounded to one decimal place with performance ranks in brackets. a Performance rankings are determined on performance figures before rounding. a Returns are provided monthly by the investment manager. Measurement Definitions Investor Index takes into account the returns of non-survivors and is calculated by compounding the average monthly returns of strategies contained within the Morningstar universes. Batting Average is the measure of the manager s ability to consistently beat the market. Calculated by dividing the number of months the manager beat the index by the total number of months in the period. The index is the sector index of the performance table and may not be the manager s specific benchmark. Tracking Error is a measure of the volatility of excess returns relative to a benchmark. Calculated as the standard deviation of monthly excess returns over the sector specific index. Cross Sectional Volatility is the standard deviation of the population of survey participants returns in a particular sector and time period. Size refers to strategy assets in Australian dollars ($A) Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or "class service" have been prepared by Morningstar Australasia Pty Ltd (ABN: , AFSL: ) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at You should consider the advice in light of theses matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN ("ASXO")

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19