Value still best for Australian shares
VALUE styled investment managers are continuing to outperform growth orientated managers, according to the latest update of theInvestorWebAustralian Shares Fund Sector Review.
‘Recommended’ value managersMaple-Brown Abbott(underlying manager forAdvance) andPerpetualoutperformed the S&P/ASX 200 benchmark by 8.3 and 8.56 per cent respectively, with the median active Australian equities manager outperforming the benchmark, which itself was down 0.3 per cent, by 1.73 per cent on a three-year basis.
According to InvestorWeb, over the last 12 months four of the top five performing funds have been value style managers.
However, the review recommends that investors avoid significant style biases in their Australian shares fund exposure in order to reduce medium term volatility.
The review also resulted in a number of changes to overall manager ratings.ABN AmroandEquity Trusteeswere upgraded to ‘buy’ from ‘investment grade’, andAMP HendersonValue, Investors Mutual andTyndallwere upgraded to ‘strong buy’ from ‘buy’.
AMP Henderson Capital,Ausbil,JB WereandSchroderswere all downgraded to ‘buy’ from ‘strong buy’, whileMacquarieAlpha Plus was knocked down from ‘exceptional buy’ to ‘strong buy’.
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