Outperformance still possible in difficult markets, amLeague tables show

The top performing managers in June in the five amLeague categories all significantly outperformed their benchmarks, but the average in each category was below benchmark, latest figures show.

In Euro Equities, ING IM was manager of the month, delivering a monthly performance of 8.81% against 6.22% for the benchmark. The average monthly performance for asset managers competing on this mandate was below the benchmark, at 5.99%.

ING IM said Euro equities rallied more than 6% over the period, surprisingly led by the Financials, Utilities and Telecom sectors. ”Our focus on undervalued stocks with high and sustainable dividends finally paid off as the increased investors’ risk appetite changed focus to the undervalued laggards in high yielding sectors,” the managers said. 

 

Euro Equities  
Asset management Co.ManagerPerformance
ING IMN. Simar & M. Vandenbulck8.81%
Mandarine GestionM. Renaud & Y. Salleron8.23%
Invesco AMJ. Taylor & M. Perowne7.44%
Federal FinanceTeam managed6.71%
ECOFI InvestissementsM. Baillargeron & M. Rodrigues6.46%
EuroStoxx Net ReturnBenchmark6.22%

In Europe Equities, the winning manager was Mandarine Gestion. As the situation in Greece and around the latest European summit improved the market rebounded, concentrated on the most “massacred” shares, the core investments of the Value strategy.

The fund benefited from its high exposure to financial shares as well as to cement shares, principally Lafarge, Holcim and HeidelbergCement, which announced additional cost reduction measures. The capital goods sector, which was underweighted in the portfolio, came under pressure with fears of slowing growth.

“Q2 results outlook has led us to adopt a relatively cautious stance,” the manager said. “The recent progress in terms of measures of support for the peripheral countries should allow a continued revaluation of a certain number of shares with excessively low valuation levels in our view. The portfolio would fully benefit from this scenario.”  

Europe Equities  
Asset management Co.ManagerPerformance
Mandarine GestionM. Renaud & Y. Salleron7.19%
CM-CIC AMC. Besson5.16%
AllianceBernsteinEurope Strategic Value Team5.15%
PetercamG. Lerminiaux & D. Van De Veire5.01%
BestinverTeam Managed4.91%
Stoxx 600 Net ReturnBenchmark5.05%

 

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