Slim pickings in global shares
By Michael Bailey
Overseas share funds followed the US market to mediocre returns last month, with just three of the 78 funds available in Australia making money for investors before fees.
The top two on the Mercer survey in the month to January 31 were both value managers, with Acadian Asset Management (1.3 per cent) followed by a new name to the survey, Orbis Investment Advisory (0.1 per cent). The Fidelity Global Growth Fund took third spot.
Orbis won its first superannuation mandate last month off the back of positive reviews from consultants Watson Wyatt and JANA Investment Advisers.
Orbis’ local managing director John Herdman said an Australian-domiciled version of the flagship global equity fund would be available by July, pending Australian Securitiesand Investments Commission approval.
This fund is the second-best performer over three years in the latest Mercer survey, returning a gross 3.4 per cent — just behind Acadian which recorded 3.6 per cent — during a period where the MSCI World declined 7.2 per cent.
However, Herdman said a concentrated Australian retail marketing campaign would not begin for a couple of years, after an institutional track record had been established.
Meanwhile, the month’s best Australian equity performer was JM Asset Management’s concentrated growth fund, which returned 4.3 per cent.
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