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Morningstar - Bennelong, Allan Gray, Macquarie Best-Performing Australian Share Managers

Morningstar today published results of the Morningstar® Australian Institutional Sector Survey, providing comprehensive coverage of the performance of Australian institutional investment strategies to 31 July 2016.

The Australian Institutional Sector Survey is designed to enable institutional investors, superannuation trustees, asset consultants, and other market participants to meaningfully compare Australian investment strategies.

Key Findings

  • Australian share fund managers generally posted strong results in July. The median Australian share manager gained 6.3 percent for the month and was up 3.3 percent over the year to 31 July 2016, ahead of the S&P/ASX 300 index’s 2.8 percent. Longer-term annualised returns from the median manager were 9.1 percent over three years, 10.7 percent over the five years, and 6.8 percent over the 10 years to 31 July 2016. The best-performing Australian share strategies over the year were Bennelong Concentrated (28.6 percent), Allan Gray (21.6 percent), and Macquarie High Conviction (21.3 percent).
  • Global share strategies lagged Australian shares in aggregate over the year to 31 July 2016. The median manager returned -3.6 percent on an unhedged basis, individual results ranging from 4.8 down to -9.6 percent. Longer-term median results were 13.2 percent over the three years, 16.7 percent over the five years and 5.6 percent over the 10 years to 31 July 2016. Antipodes (4.8 percent), Orbis (3.3 percent), and CFS (2.6 percent) were the best-performing global share funds over the year.
  • The median Australian property securities manager gained 24.3 percent over the year, slightly above the index’s 24.2 percent. Folkestone (27.4 percent), Morningstar Investment Management (26.7 percent), and APN (25.3 percent) were the best performers.
  • Growth assets produced positive results over the month. Australian equities was the best-performing growth asset class (6.4 percent), followed by Australian listed property (5.4 percent), global listed property (4.6 percent), and global equities (2.0 percent).
  • Growth Australian share strategies did better than their value counterparts over the year. The S&P Australia BMI Growth Index returned 5.7 percent compared to the S&P Australia BMI Value Index’s 0.1 percent.
  • Consumer discretionary (8.9 percent) was the standout sector of the Australian sharemarket in July 2016, followed by consumer staples (8.5 percent), and materials (7.8 percent). Poorer-performing sectors included energy (0.2 percent), information technology (3.9 percent), and telecommunications (4.2 percent).