Last quarter's winners and losers
Consulting actuaries Melville Jessup Weaver give their report on each fund manager's performance in the June quarter.
Tuesday, July 31st 2001, 9:17AM
by Mark Weaver
June quarter features
The main features of the June quarter were:
- Solid performance from the local sharemarket, with the Montana saga generating much interest in the lead up to the introduction of a new takeover code
- Overseas sharemarkets returned 3.7% in local currency terms (ie on a hedged basis), supported by central banks easing interest rates
- The NZ dollar was firm against most major currencies, notably including the US dollar, and
- The CPI rose 0.9%, influenced by transportation costs flowing on from rising petrol prices.
The average return for the fund managers surveyed was 2.8%.
- Do Managers add value?
- Alliance Capital -
Despite good performance in the two fixed interest sectors, their poor overseas share result has dragged down their ability to add value to total fund performance.
- AMP Henderson Global Investors -
A move to include active New Zealand shares has produced an immediate increase in overall returns. While Table 1 shows an active return of 9.2% for local shares, the new Strategic Equity Growth fund produced a 18.2% return for the quarter.
- Arcus Investment Management
- Strong local share performance, with part exposure to Australian shares, helped achieve good value added results.
- Armstrong Jones -
The weakness of their bias to a growth overseas share manager has seen another poor 12 month result. Overseas fixed interest results continue to show good results.
- ANZ Asset Management -
Overseas share fund with a combination of a style neutral manager and an index fund has underpinned good above average value added returns.
- BNZ Investment Management -
BNZ's conservative asset allocation has produced an above average 12 month result. It is interesting to see that the passive overseas share fund has 'outperformed' the similar AMPH fund, over all 3 time periods where results are available.
- BT Funds Management -
While their fund shows good value added over the 3 and 5 year periods their overseas share fund has consistently lost value. The local share fund continues to shine.
- Colonial First State
- The transfer of operations to Australia coincides with achieving the top quarterly performance position. However their overseas share results are below average over the longer periods.
- GRT -
Their switch to include an active local share manager has produced an immediate boost in performance for the 3 months. Overall their selected managers are above average in each of their asset sectors for the last quarter.
- Guardian Trust Funds Management
- Overall results are disappointing with only significantly above average returns in local fixed interest and cash, both sectors where absolute returns vary little.
- Tower Asset Management
- TAM achieved average or better returns in all sectors except local fixed interest, and continue to maintain the top 1 year value added position.
- WestpacTrust Investment Management
- The results for the fund shown are now totally dependent on the outcomes achieved by their sub-manager AJ.
|
Total Fund (after fees and tax) |
||||||||
|
Mngr |
3 mths (%) |
1 yr (%) |
3 yr (%) |
5 yr (%) |
||||
|
ACM |
1.4 |
(9) |
0.3 |
(7) |
5.3 |
(8) |
6.5 |
(10) |
|
AIM |
2.1 |
(4) |
0.7 |
(5) |
6.1 |
(4) |
n.a |
|
|
AJ |
1.1 |
(10) |
-3.2 |
(12) |
4.5 |
(10) |
7.2 |
(8) |
|
AMPH |
2.8 |
(2) |
-1.7 |
(11) |
5.2 |
(9) |
7.3 |
(7) |
|
ANZAM |
1.8 |
(6) |
1.6 |
(4) |
5.7 |
(5) |
7.3 |
(6) |
|
BNZIM |
1.8 |
(8) |
2.6 |
(3) |
6.5 |
(3) |
8.7 |
(1) |
|
BTFM |
1.9 |
(5) |
0.3 |
(8) |
6.7 |
(1) |
7.3 |
(5) |
|
CFS |
4.3 |
(1) |
4.0 |
(1) |
6.7 |
(2) |
6.9 |
(9) |
|
GRT |
2.2 |
(3) |
-0.3 |
(9) |
5.6 |
(6) |
7.4 |
(3) |
|
GTFM |
0.9 |
(11) |
0.4 |
(6) |
5.3 |
(7) |
7.6 |
(2) |
|
TAM |
1.8 |
(7) |
3.4 |
(2) |
4.5 |
(11) |
7.3 |
(4) |
|
WIM |
0.9 |
(12) |
-1.2 |
(10) |
4.3 |
(12) |
6.0 |
(11) |
|
Average |
1.9 |
0.6 |
5.5 |
7.2 |
||||
|
Index |
1.3 |
1.0 |
4.9 |
7.3 |
||||
- Notes:
- 1. The index return for the total fund is the average of the benchmark returns of the managers.
|
Total Fund |
||||||||
|
Manager |
3 mths (%) |
1 yr (%) |
3 yr (%) |
5 yr (%) |
||||
|
ACM |
-0.3 |
(9) |
-2.1 |
(8) |
0.4 |
(7) |
-0.1 |
(5) |
|
AIM |
0.9 |
(6) |
2.4 |
(3) |
2.5 |
(2) |
n.a |
|
|
AJ |
-0.4 |
(10) |
-5.8 |
(11) |
-0.1 |
(9) |
0.9 |
(3) |
|
AMPH |
1.5 |
(3) |
-1.1 |
(7) |
-0.8 |
(10) |
-1.2 |
(8) |
|
ANZAM |
0.9 |
(7) |
1.6 |
(4) |
1.7 |
(3) |
1.6 |
(1) |
|
BNZIM |
0.0 |
(8) |
0.7 |
(5) |
0.2 |
(8) |
-0.3 |
(6) |
|
BTFM |
0.9 |
(5) |
-0.9 |
(6) |
3.3 |
(1) |
1.1 |
(2) |
|
CFS |
4.1 |
(1) |
2.4 |
(2) |
1.2 |
(4) |
-2.8 |
(10) |
|
GRT |
1.6 |
(2) |
-3.7 |
(10) |
0.7 |
(5) |
-0.3 |
(7) |
|
GTFM |
n.a |
n.a |
n.a |
n.a |
||||
|
TAM |
1.3 |
(4) |
5.1 |
(1) |
0.5 |
(6) |
0.1 |
(4) |
|
WIM |
-0.6 |
(11) |
-3.0 |
(9) |
-1.2 |
(11) |
-2.0 |
(9) |
|
Average |
0.9 |
-0.4 |
0.8 |
-0.3 |
||||
|
Asset Allocation |
||||||||
|
Manager |
3 mths (%) |
1 yr (%) |
3 yr (%) |
5 yr (%) |
||||
|
ACM |
0.1 |
(4) |
0.3 |
(5) |
0.1 |
(6) |
0.3 |
(4) |
|
AIM |
n.a |
n.a |
n.a |
n.a |
||||
|
AJ |
0.1 |
(5) |
-0.1 |
(9) |
0.5 |
(3) |
0.5 |
(1) |
|
AMPH |
0.4 |
(1) |
0.7 |
(3) |
0.3 |
(4) |
-0.2 |
(6) |
|
ANZAM |
0.0 |
(8) |
-0.1 |
(8) |
0.2 |
(5) |
0.4 |
(3) |
|
BNZIM |
0.1 |
(6) |
0.7 |
(4) |
0.7 |
(2) |
0.5 |
(2) |
|
BTFM |
0.2 |
(3) |
0.7 |
(2) |
1.0 |
(1) |
0.0 |
(5) |
|
CFS |
-0.1 |
(9) |
1.3 |
(1) |
-0.1 |
(7) |
-1.9 |
(9) |
|
GRT |
n.a |
n.a |
n.a |
n.a |
||||
|
GTFM |
n.a |
n.a |
n.a |
n.a |
||||
|
TAM |
0.1 |
(7) |
0.2 |
(6) |
-0.4 |
(9) |
-0.3 |
(7) |
|
WIM |
0.3 |
(2) |
0.1 |
(7) |
-0.2 |
(8) |
-0.8 |
(8) |
|
Average |
0.1 |
0.4 |
0.2 |
-0.2 |
||||
|
Notes: |
1. |
No figures are shown for GTFM as no benchmark asset allocations are available. |
|
|
2. |
The asset allocation figures are the difference between the value added in total and that added for stock selection. |
- Table 3 - Actual Asset Allocation as at 30 June 2001
|
Manager |
NZ Shares |
Aus |
O'seas Shares |
Property |
Growth |
NZ |
O'Seas |
Cash |
Income |
Currency |
Currency |
||||||||||
|
|
Active |
Passive |
Shares |
Active |
Passive |
|
Assets |
Fixed Int |
Fixed Int |
|
Assets |
Exposure |
Outlook |
||||||||
|
ACM |
10.6 |
8.1 |
0.6 |
15.7 |
19.7 |
6.8 |
61.5 |
17.4 |
13.5 |
7.6 |
38.5 |
12.4 |
Positive |
||||||||
|
AIM |
11.5 |
0.0 |
4.9 |
46.9 |
0.0 |
4.2 |
67.5 |
14.1 |
5.1 |
13.3 |
32.5 |
23.7 |
Neutral |
||||||||
|
AJ |
19.4 |
0.0 |
0.0 |
32.5 |
0.0 |
10.5 |
62.4 |
19.0 |
12.3 |
6.3 |
37.6 |
18.4 |
Positive |
||||||||
|
AMPH |
8.2 |
8.8 |
0.0 |
0.0 |
39.2 |
5.4 |
61.5 |
21.5 |
5.9 |
11.2 |
38.5 |
33.3 |
Positive |
||||||||
|
ANZAM |
5.1 |
8.1 |
2.6 |
39.8 |
0.0 |
5.5 |
61.2 |
23.2 |
13.4 |
2.3 |
38.8 |
19.3 |
Neutral |
||||||||
|
BNZIM |
4.1 |
16.4 |
0.0 |
6.3 |
24.7 |
0.0 |
51.5 |
14.7 |
33.8 |
0.1 |
48.5 |
31.4 |
Neutral |
||||||||
|
BTFM |
20.1 |
0.0 |
0.0 |
39.0 |
0.0 |
5.1 |
64.2 |
20.0 |
10.0 |
5.9 |
35.8 |
19.5 |
Neutral |
||||||||
|
CFS |
6.4 |
0.0 |
15.0 |
30.7 |
0.0 |
0.0 |
52.1 |
0.0 |
47.9 |
0.0 |
47.9 |
21.6 |
Positive |
||||||||
|
GRT |
7.8 |
5.1 |
0.0 |
0.0 |
32.0 |
6.7 |
51.5 |
23.3 |
15.5 |
9.7 |
48.5 |
16.0 |
n.a |
||||||||
|
GTFM |
12.0 |
0.0 |
3.0 |
Mark Weaver is a principal at consulting actuaries Melville Jessup Weaver.
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