HEAD-TO-HEAD: FSSA versus T Rowe Price

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Source: FE Fundinfo. Three-year cumulative returns in US dollars.

Performance

The FSSA fund has performed particularly well this year, and “had a great 2020 too,” said Genderen, “outperforming both its MSCI Japan benchmark and the T Rowe Price fund”.

The FSSA fund has recorded a return of 8.54% year-to-date, in US dollars, outperforming T Rowe Price (-5.54%) and the 4.71% return of its benchmark the MSCI Japan, according to FE Fundinfo.

It has also achieved a 99.29% three-year cumulative return in US dollars, with annualised alpha of 13.79 and volatility of 20.74%, FE Fundinfo data shows.

The T Rowe Price fund has generated a 46.74% three-year cumulative return in US dollars, with annualised alpha of 2.78 and volatility of 18.39%, according to FE Fundinfo, outperforming the sector average of 39.64% and the 33.05% of its benchmark index TOPIX.

“I expect the FSSA fund to be more volatile for two reasons. Firstly, it is more concentrated, and secondly, it has a higher exposure to mid- and small-caps,” Genderen said.

The T Rowe Price fund has achieved a strong outperformance versus peers and relevant indexes; there are only a few periods where it didn’t beat these yardsticks. The strategy benefited from its growth orientation as this style was favoured by investors over this period, according to Genderen.

Discrete calendar year performance

Source: FE Fundinfo. Annual returns in US dollars. *31 Dec 2020 – 17 November 2021

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