Acadian tops global fund returns survey
Acadian Asset Management’s Global Equity fund has emerged as the most consistent performer over the past three and five years in an international equity funds survey by PortfolioConstruction Forum.
The quantitative, value-biased fund posted a rolling average one-year return of 19.58 per cent over three years and 4.62 per cent over five years, giving it a first decile ranking for both survey periods.
Commissioned by Money Management, the PortfolioConstruction Forum Managed Funds Outperformance Report analysed 148 Australian-domiciled global funds in the Mercer IS survey.
Its objective was to try to identify “those funds that have outperformed their peers and industry benchmarks consistently over time”, according to PortfolioConstruction analyst Deirdre Keown.
The average rolling one-year return (after-tax-and-fees) across all funds was found to be a competitive 9.93 per cent per annum over three years.
Over five years, in contrast, even the best performing fund in the survey achieved a rolling average one-year return of only 5.61 per cent.
Dimensional Global Value and Bernstein Global Value, fellow value funds of Acadian, also emerged as consistent outperformers over both three and five years.
Dimensional posted a rolling average one-year return of 16.72 per cent over three years for a second decile ranking, and 2.52 per cent over five years for a first decile ranking.
The Morgan Stanley Global Franchise fund also performed well over five years, posting an annual rolling return average of 5.61 per cent, the highest in the review over the period.
However, the fund appears to have come off the boil somewhat in more recent times, posting a fourth decile rolling average one-year return over three years.
Similarly, Nicholas Applegate’s Global Select fund and Marathon Asset Management fund were consistent outperformers in the five-year period, but their three-year rankings fell into the second and third deciles.
~ For the full results, see MM print edition February 23, 2006, p18.
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