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Backtesting FSA Fund Award winners

How did the winning funds in last year’s FSA Fund Awards, as chosen by Asia’s fund selectors, perform in 2019?

Are Asia’s fund selectors good at what they do? Are fund awards generally PR events? To find out, FSA has back-tested the 2019 FSA award winning funds to see if the 56 winning funds actually performed as predicted.

The result? 80% of the 56 funds selected as winners outperformed peers in 2019.

The high accuracy rate suggests that FSA’s annual fund awards methodology – quantitative data with a qualitative overlay – is a meaningful exercise for all parties involved.

FSA’s awards are forward-looking. To arrive at the winning funds, shortlists are generated by our data partner FE Fundinfo, using criteria such as alpha, volatility and consistency of performance over three years.

Then judges from Asia’s fund selector community are asked to select one fund from 14 asset classes on the shortlist they believe will outperform peers (peer category average) over the year. Their choices result in 56 winners – Platinum and Gold – across Hong Kong and Singapore.


Here is the process at work:

5937 funds total in the Hong Kong/Singapore authorised universe

4049 eligible funds (actively-managed, three-year track record)

280 funds shortlisted using FE Fundinfo quantitative screening

56 funds chosen by fund selectors as outperformers

45 funds outperformed

Accuracy rate is 80%


Click to see a performance breakdown of the Hong Kong 2019 winners or the Singapore winners.


Turning to this year, the winners of the FSA Fund Awards 2020 have been notified and will be revealed at the awards luncheons on January 21 in Singapore and January 23 in Hong Kong.

Part of the Mark Allen Group.