Style Research

Monthly Style Summary to End April 2013

Developed equity markets made healthy gains over the month. Returns were broadly based across sectors, with very few pockets of underperformance.  Japan (continuing its bull run), and Emerging (treading water), received support from Small Growth stocks. Elsewhere, companies with high Dividend Yield remained strong despite stretched valuations. The US provided opportunities for both Value and Growth investors, particularly within  sectors.

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Author: Peter | Categories: Monthly Style Summary

UNDER THE BONNET: IN CONJUNCTION WITH CITYWIRE GLOBAL

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the April edition, we look at the Jupiter European  Growth Fund, managed by Alexander Darwall.

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Author: admin | Categories: News

Monthly Style Summary to End March 2013

Despite gains during early March, most major markets and regions fell back later in the month as recurring concerns within the Eurozone appeared, again, to unnerve investors.  High Beta securities fell most sharply in virtually all markets and, with only one exception (the US), Value stocks have underperformed while stocks with genuine Growth characteristics have, once again, gained.

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Author: Robert | Categories: Monthly Style Summary

MONTHLY STYLE SUMMARY TO END FEBRUARY 2013

Most equity markets failed to establish direction during February as conflicting economic data and strange political events (Italy!?) caused an abrupt reappraisal of the outlook for corporate profits recovery. Against this unsettled background, in most markets and regions (save the US, Australia, S Africa and Denmark) Growth stocks outperformed, Value factors independently underperformed and Small Cap companies gained.

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Author: Robert | Categories: Monthly Style Summary

UNDER THE BONNET: IN CONJUNCTION WITH CITYWIRE GLOBAL

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the March edition, we look at the William Blair Global Growth Fund, managed by Ken McAtamney and George Greig.

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Author: admin | Categories: News

Introducing Factor Return Analysis and Style Mine within Style Research Enterprise

The Style Skyline within Enterprise now includes factor returns and dispersions within the Tilt contributions drill down.  This gives an indication of the performance impact of a particular Style Tilt.  Further investigation of performance using the new Style Mine report gives a deeper insight into the performance attribution from the Style exposures.

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Author: Andrea | Categories: News

Monthly Style Summary to End January 2013

January was a strong month for equity markets. Even as economic statistics confirmed continuing weakness in major markets, the absence of bad news from the Eurozone and anecdotal evidence of pockets of economic resilience encouraged virtually all markets to convincing gains.  Not surprisingly high Beta stocks outperformed; but curiously so did Small Caps; and, in many key markets, Small Value also gained.

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Author: Robert | Categories: Monthly Style Summary

Global Equity Funds Performance Study – Calendar 2012

Introduction

This article examines the performance characteristics of 425 global equity funds over 2012.  It is based on funds benchmarked against MSCI World, where Style Research has collected the underlying holdings on a monthly basis.  We examine the overall returns, and then decompose these into that due to, in turn, country & currency positions, sector bets, and exposures to eighteen Style factors.  We also look at the stock selection results within these groupings.

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Author: Peter | Categories: Research Papers, Research Topics

Under the Bonnet: In Conjunction with Citywire Global

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the January edition, we look at the Skagen Global  fund, managed by Torkell Eide and Chris-Tommy Simonsen, and more recently by Soren Milo Christensen.

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Author: Andrea | Categories: News

Monthly Style Summary to End December 2012

As most equity markets gained during December, the key Style patterns abruptly reversed previous trends. Momentum has gone negative, high Beta stocks have gained sharply and, in all regions except APAC ex Japan and the Emerging Markets, Value has strongly outperformed Growth. Against popular economic forecasts it is difficult to argue that markets are anticipating a profits recovery; but it may be a rational bet.

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Author: Robert | Categories: Monthly Style Summary

Under the Bonnet: In Conjunction with Citywire

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the December edition, we look at the Neptune European Opportunities fund, managed by Rob Burnett.

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Author: Andrea | Categories: News

Monthly Style Summary to End November

Most equity markets made modest gains over November, with the Eurozone and latterly Japan leading the way.  Value remained strong in Asian and Emerging markets, but elsewhere, aside from Financials, Value related sectors lagged Growth sectors and marked a sharp reversal compared with the previous month.  Unsurprisingly, High Beta stocks fared well in this environment.

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Author: admin | Categories: Monthly Style Summary

Under the Bonnet: In Conjunction with Citywire

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the November edition, we look at the  First State Global Emerging Market Leaders fund, managed by Jonathan Asante.

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Author: Andrea | Categories: News

Introducing Style Research Enterprise

Style Research is pleased to announce the release of its new cloud-based enterprisewide portfolio analytics solution.

With exceptional graphics and reporting, intuitive analysis, and easy to maintain cloud-based technology, the service has been designed to provide an enterprisewide solution throughout your organization.

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Author: admin | Categories: News

Monthly Style Summary to End October 2012

While European and South East Asian equity markets mostly gained during October, other markets experienced volatile and disappointing performance.  Against this background of divergent sentiment and returns, it is particularly interesting to observe the broad relative gains of Value stocks relative to Growth. In contrast with the unsettled market environment, the incipient Value gains could suggest better economic times ahead.

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Author: Robert | Categories: Monthly Style Summary

Under the Bonnet: in Conjunction with Citywire Global

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the October edition, we look at the Veritas Global Equity Income Fund, managed by Andy Headley and Charles Richardson.

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Author: Andrea | Categories: News

Monthly Style Summary to End September 2012

Equity markets gained broadly through September and, particularly in the US and UK, some economic statistics look better; but, reading from the month’s Style returns, investors are not yet optimistic on the economy or over the prospects for corporate profitability. Historically, economic upturns and improving corporate profits stimulate a strong bounce in Value. This has not occurred. Nor, however, have Growth stocks benefited from the month’s gains.

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Author: Robert | Categories: Monthly Style Summary

under the bonnet: in conjunction with Citywire

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the September edition, we look at the Morgan Stanley Global Brands fund, managed by William Lock and Peter Wright.

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Author: Andrea | Categories: News

Monthly Style Summary to End August 2012

Most markets began the month with advances, but mid to late August declines resulted in only modest gains.  It was noticeable, however, that European markets enjoyed the strongest performance with the largest advances being seen in the recently most vulnerable and underperforming Eurozone members.  Against this background Larger Value companies gained in Europe while Small Growth continued to outperform just about everywhere else.

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Author: Robert | Categories: Monthly Style Summary

UNDER THE BONNET: IN CONJUNCTION WITH CITYWIRE GLOBAL

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the July/August edition, we look at the MFS European Value Fund, managed by Benjamin Stone.

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Author: admin | Categories: News

Monthly Style Summary to End July 2012

With no clear pattern of overall market performance evident during July, it is significant that, generally over the most recent month, and very clearly over the 3 month horizon, a recognizable pattern of Style returns is re-emerging. There is a general return to the Growth theme. After an apparent “false start” in Value, most Growth factors are gaining while Value factors, with the exception of Dividend Yield (again), are losing.

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Author: Robert | Categories: Monthly Style Summary

The Dislocation of Dividend Yield

We are often asked why we group the factors the way we do  (especially on the Growth side of things).  The Style Research Markets Analyzer service has data going back more than thirty years, but for this example we show the factor correlations over the last decade, and in particular how they have changed over the last couple of years.

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Author: admin | Categories: Research Topics

What is Behind the Performance of Global Equity Funds – First Half 2012

This research paper, coupled with a webinar, looks at the performance of Global Equity Markets over the first half of 2012 and examines the contributions to performance for Global Equity funds during this period.

Summary

• Markets were up 6% in USD terms to the end of June, back to where we were at end 2010.
• Outperforming Sectors include IT, Health and Consumer Sectors.  Financials also held up well.  Energy and Materials lagged behind.
• The US drove the overall positive return of the market with the Eurozone pulling things back.
• Clear triumph of Growth over Value with Momentum and low Beta also in vogue.
• Majority of funds in peer group underperformed the market over first half 2012.
• From country standpoint, three-quarters did not get the US right, but a majority of funds did position themselves correctly for Japan, Canada and Spain.
• In terms of Styles, Value factors wrong-footed most managers, as did allocation to Size, Beta and Foreign Sales.  Those funds with higher allocations to Forecast Growth did well.
• Although stock selection in the US was weak for many funds, managers did add value in Global Small Caps.

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Author: Peter | Categories: Research Papers, Research Topics

Style Research in The Financial Times – Dividend appeal remains undimmed

The article discusses the appeal of dividend yield and how this traditional measure of Value has seen a shift away from this status as investors search for yield.

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Author: Robert | Categories: News

Under the Bonnet: In Conjunction with Citywire Global

In conjunction with Citywire Global (www.citywireglobal.com), Style Research analyses the driving force behind popular managers in the monthly ‘Under the Bonnet’ feature.   In the June edition, we look at the JOHCM European Select Values Fund, managed Robrecht Wouters.

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Author: Andrea | Categories: News

Monthly Style Summary to End June 2012

As the Eurozone looked to be inching its way towards a programme to assist afflicted banks while not, apparently, endorsing state fiscal profligacy, markets reacted positively and Style reward patterns shifted.  Hints of improvements in economic conditions in North America helped and, with unchallenging broad market valuations and relatively attractive valuations of Value stocks, Value gained strongly relative to Growth.

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Author: Robert | Categories: Monthly Style Summary

Monthly Style Summary to end May 2012

With no abatement of the troubling economic news, no clear resolution in sight for Greece, and the increased risk of contagion to other peripheral Euro countries, it is no surprise that markets took fright during May. No country or sector was immune to the slump. From a Style perspective, low Beta continued to deliver, alongside Momentum and Growth. With the exception of Yield, Value remains out of favour.

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Author: admin | Categories: Monthly Style Summary

Word Clouds & Fund Launches

Word clouds are a way to take a piece of text and visualize those words that appear frequently. The nature of fund products makes them an ideal text source. Take this example that reveals the asset managers that feature in the Style Research Funds Analyzer.

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Author: Jeremy | Categories: Blog, Style Research Funds Analyzer

Monthly Style Summary to End April 2012

Outside of Pacific ex Japan, during April markets gave back some of their first quarter gains, and especially in the Eurozone, where economic, and increasingly, political uncertainty resurfaced.  Against this backdrop of retrenchment, Value continued to underperform on a broad basis, well beyond the traditional Value sectors. And Growth, whether based on historic, current or forecast measures, performed strongly in the most coherent display of factor returns for many months.   Momentum and (low) Beta strategies were also rewarded.

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Author: Peter | Categories: Monthly Style Summary