Posted inHead To Head, News, Research

HEAD-TO-HEAD: Janus Henderson vs Robeco

FSA compares the Henderson Horizon Global Property Equities Fund and the Robeco Property Equities Fund.
by Fund Selector Asia
Performance

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Three-year performance of the two funds vs the category average

The Henderson fund has outperformed both the Robeco fund and the category average of the 34 property equity funds authorised by SFC for sale in Hong Kong.

The fund also outperformed its own benchmark, the FTSE EPRA/NAREIT Developed Index in both these periods.

The Robeco fund underperformed its benchmark in both periods.

However, the Henderson fund has shown higher volatility compared to the Robeco fund and to the category average.

The Robeco fund underperformed compared to the Henderson product in each of the past five calendar years, with the biggest difference in 2013 (3.32%).

Ng attributes the differences in performance to the difference in the bottom-up stock picking skill of the fund managers.

While income is often a consideration while investing in real estate, neither fund pays out dividends.

 Henderson  FTSE EPRA/NAREIT Developed Index  Robeco  S&P Developed Property Index
3-year return (cumulative) 14.52% 13.7% 9.46% 19.0%
1-year return 13.95% 7.1% 9.75% 14.6%
3-year Alpha -0.37 0.74
3-year Beta 1.00 1.02
3-year Sharpe Ratio 0.1 0.42
3-year Volatility 11.30 10.64

Data: FE, Robeco, FTSE Russell, S&P Dow Jones Indices, returns in US dollars, ratios are annualised

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