Fund manager of the year – Global unit trusts
1st: Commonwealth Financial Services
2nd: Citicorp
3rd: Merrill Lynch Mercury Asset Management
In a year of stellar financial-market performance in some countries and some roller-coaster rides in others, global unit trusts was not the easiest of this year's award categories.
But the victors pulled off some stunning performances.
With Wall Street notching yet another year of record growth while markets like Russia and Brazil alternatively soared and plummeted, volatility as well as performance was a key factor. But according to ASSIRT research manager Patrick Bennett, success in this year's global sector award category came down to a question of where you were and where you were not invested.
"Basically, anyone who was overweight the US would have done well," says Bennett. "On the other hand, any Asian or emerging-market exposure would have taken some punishment."
Top of the list was award newcomer Commonwealth Financial Services, whose $43 million Commonwealth International Share Fund was the top performer in this category and recorded one-year returns, as calculated by ASSIRT, of over 30 per cent.
The results achieved by Citicorp's $43 million Global Shares Investment Portfolio placed it second place in this category, while Merrill Lynch Mercury's $45 million International Share Fund gained it third place.
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