Invesco Perpetual, First State, Henderson and Threadneedle are crowned Kings in FE’s Crown Fund Rating rebalance
In the latest rebalancing of the FE Crown Fund Ratings, Invesco Perpetual, First State Investments, Henderson Global Investors and Threadneedle Investments lead the asset management field, with each company boasting 10 or more funds with the maximum five FE Crowns.
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Of the nine funds receiving the top score of five FE Crowns in their first ever rating, three have an emerging markets exposure – the Somerset Emerging Markets Dividend Growth, the Schroder Asian Income Maximiser and the SJP Global Emerging Markets Funds. Although emerging markets have recently suffered a sell-off, these funds returned 29.4%, 37.7% and 37.1% over the three years to 30 June 2013 demonstrating the longer term benefits of an allocation to this sector.
Other strong performers include the Artemis Strategic Bond and CF Ruffer Japanese Funds which move from one to five FE Crowns. Newton Osprey, Rathbone Income and SJP Corporate Bond Funds all rose three places from two FE Crowns to five FE Crowns.
In the bi-annual rebalancing, funds were judged according to their three year track records to 30 June 2013 and ranked according to alpha generation, volatility and the consistency with which they have beaten their benchmarks. The top 10% of funds were awarded five FE Crowns with the following 15% receiving four FE Crowns. To be eligible for a rating, funds must have a three year track record.
Over the last three years, markets have remained challenging, characterised by high levels of volatility. Against this backdrop, a mandate that affords some degree of flexibility has been advantageous. Nine of the 25 funds receiving four or five FE Crowns for the first time were in the Mixed Investment 40% – 85% or 20% – 60% Shares sector.
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By GlobalDataRob Gleeson, Head of FE Research, said: "There is no doubt that it remains difficult for fund managers to outperform in what continue to be tumultuous markets. This makes it challenging for financial advisers to cut out broader market noise to identify those funds which manage volatility, produce alpha, and importantly are able to demonstrate consistent outperformance of their benchmarks – aspects which form the metrics by which we award FE Crowns. At FE, we seek to help advisers be better informed and these awards, combined with our other fund ratings, provide an objective means of filtering the universe of funds available, highlighting those vehicles worth further consideration as well as those which have suffered a fall-off in performance."
