The FSA Spy market buzz – 19 April 2024
Doom and gloom on China, Peaks and troughs from First Sentier, Ninety-One looks at failure, Lombard Odier’s good news, Corporate jargon hell, Visit cheap Japan and much more.
Ng pointed out that the Barings fund has been more volatile than both the Fidelity product and the index.
“If you look at 2018, for example, the Barings fund underperformed by a huge margin relative to the benchmark, and this year it has rebounded and performed better than the index and the Fidelity fund.”
Annual discreet calendar performance
Fund / benchmark |
YTD 2019 |
2018 | 2017 | 2016 | 2015 |
2014 |
Barings Asean Frontiers |
9.89 |
-13.17 | 31.09 | 5.23 | -11.7 |
8.57 |
Fidelity Asean |
7.23 |
-7.27 | 26.53 | 4.84 | -17.65 |
6.97 |
MSCI AC Asean Index |
4.27 |
-8.36 | 30.14 | 6.2 | -18.35 |
6.42 |
Three-year annualised volatility
Fund / Index |
Volatility |
Sharpe ratio |
Barings Asean Frontiers |
11.78 |
0.08 |
Fidelity Asean |
10.78 |
0.11 |
MSCI AC Asean Index |
11.01 |
0.08 |
Ng said that the more concentrated portfolio of the Barings fund is a driver of the higher volatility.
Turning to the Fidelity fund, he said its more diversified portfolio has helped ease volatility relative to the index.. In addition, the previous manager’s investment style, which avoided huge off-benchmark bets, contributed to lower volatility.
Doom and gloom on China, Peaks and troughs from First Sentier, Ninety-One looks at failure, Lombard Odier’s good news, Corporate jargon hell, Visit cheap Japan and much more.
Part of the Mark Allen Group.