Performance review
Both funds have outperformed their respective benchmark indices over various periods until 31 July.
Source: FE Analytics
Source: FE Analytics
In 2014, the Allianz fund posted stronger returns than its benchmark, mainly because of its allocation toward the consumer discretionary and industrial sectors, said Ng.
The JO Hambro fund outperformed its benchmark in 2012, 2014 and 2015.
A look at calendar year performance
Source: FE Analytics
“The small-cap index has been outperforming the mid-cap index. So, the past outperformance of JO Hambro could be due to contributions from the small-cap focus,” Ng said.
However, in 2013, the Allianz fund posted stronger returns than the JO Hambro fund, mainly due to to its overweight position in the Philippines, and good stock selection in Hong Kong, he added.
“In 2015, the JO Hambro fund’s underweight position in China and strong stock selection within Greater China positively contributed to performance, especially in the past three months when Chinese and Hong Kong equities experienced a significant sell-off.”
A look at key volatility ratios for a three-year period to 18 August:
