Posted inHead To Head

HEAD-TO-HEAD: BNY Mellon IM versus Ninety One

FSA compares two global equity products: The BNY Mellon Global Leaders Fund and the Ninety One Global Equity Fund.
by Francis Nikolai Acosta

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The three-year cumulative performance of the BNY Mellon and Ninety One funds versus their benchmark indices (MSCI World and MSCI ACWI, respectively) and sector peers in Hong Kong. Source: FE Fundinfo. In US dollars.

PERFORMANCE

Both funds have been a consistent performer for each calendar year, with the exception of 2018, when both offerings had negative returns, according to McDermott.

While the funds have performed in a similar fashion, the BNY Mellon fund has slightly outperformed in recent years when growth stocks have led the market.

Annual calendar performance (%)

Fund / index / sector YTD 2021 2020 2019 2018 2017
BNY Mellon Global Leaders 4.39 22.82 29.35 -7.45 22.58
Index: MSCI World 4.86 16.5 28.4 -8.2 23.07
Ninety One Global Equity 7.56 15.8 23.72 -14.74 22.76
Index: MSCI AC World 5.81 16.82 27.3 -8.93 24.62
Sector: Global equity 5.84 17.17 24.01 -11.83 22.2
Source: FE Fundinfo. In US dollars.

In addition, although the BNY Mellon fund has a more growth-style bias, McDermott believes that the product can outperform when markets are falling.

“This is supported by the fact it only fell 7.5% in 2018,” he said.

Its volatility has been lower as well given its bias toward high quality companies, despite being more concentrated.

“The BNY Mellon fund is very high conviction, but over the past years, its maximum drawdown and volatility measure has been slightly lower than the Ninety One fund.”

Three-year annualised volatility

Fund / index / sector Volatility Sharpe
BNY Mellon Global Leaders 19.84 0.59
Index: MSCI World 20.71
Ninety One Global Equity 21.07 0.27
Index: MSCI AC World 20.2
Source: FE Fundinfo. In US dollars.

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