FSA has back tested the winners of the 2024 Hong Kong FSA award winning funds to see if they performed as predicted.
Every year at the FSA awards, we shortlist top-performing funds using data from FE Fundinfo, with criteria such as alpha, volatility and consistency of performance over three years.
Then judges from Asia’s fund selector community are asked to select one fund from each of 14 asset classes on the shortlist they believe will outperform peers (peer category average) in the next 12 months. Below are the results.
| FSA Award | Asset Class | Fund | Return (%) | Peer Group Return (%) | Result |
| Platinum | Asia Pacific Equity | Fidelity Asian Smaller Companies E Acc | 7.05 | 8.77 | |
| Gold | Asia Pacific Equity | Nikko AM Asian Small Mid Equity | 20.35 | 8.77 | Outperformed |
| Platinum | Greater China/China Equity | ChinaAMC New Horizon China A Share A Acc | -40.55 | -8.63 | |
| Gold | Greater China/China Equity | J.P. Morgan Asset Management JPMorgan China Emerging Power H | -20.64 | -8.63 | |
| Platinum | Global Emerging Market Equity | Middle East Africa and Emerging Europe Opportunities A Cap | 12.97 | 8.92 | Outperformed |
| Gold | Global Emerging Market Equity | Franklin MENA A Acc | 6.91 | 8.92 | |
| Platinum | European Equity | JPMorgan SAR European B | 15.59 | 8.95 | Outperformed |
| Gold | European Equity | BlackRock GF European Value A2 | 10.44 | 8.95 | Outperformed |
| Platinum | Sector Equity | BlackRock GF World Healthscience A2 | 12 | -2.94 | Outperformed |
| Gold | Sector Equity | Pimco GIS Commodity Real Return E Acc | 4.57 | 13.09 | |
| Platinum | Regional/Single Country Emerging Market Equity | Alquity Indian Subcontinent M | 20.08 | 28.39 | |
| Gold | Regional/Single Country Emerging Market Equity | Matthews India A Acc | 29.69 | 28.39 | Outperformed |
| Platinum | Global Equity | Fidelity Global Industrials A | 15.59 | 12.57 | Outperformed |
| Gold | Global Equity | Invesco Global Equity Income C Acc | 19.64 | 12.57 | Outperformed |
| Platinum | Japanese Equity | Eastspring Inv Japan Dynamic A | 5.02 | 10.98 | |
| Gold | Japanese Equity | SMDAM Japan Equity Small Cap Absolute Value A | 13.35 | 6.49 | Outperformed |
| Platinum | US Equity | BNY Mellon US Equity Income Fund B Inc | 12.83 | 21.08 | |
| Gold | US Equity | BlackRock GF US Small & Mid Cap Opportunities A2 | 8.4 | 7.77 | Outperformed |
| Platinum | Emerging Market Bond | Pimco GIS Emerging Markets Short Term Local Currency E Acc | 3.39 | 6.03 | |
| Gold | Emerging Market Bond | JGF-Jupiter Global Emerging Markets Short Duration Bond I Acc | 9.13 | 6.03 | Outperformed |
| Platinum | Global Bond | HSBC GIF Global Investment Grade Securitised Credit Bond AC | 8.02 | 3.28 | Outperformed |
| Gold | Global Bond | Fidelity Global Short Duration Income E Mdis | 8.69 | 3.28 | Outperformed |
| Platinum | Regional Bond | Franklin Floating Rate PLC A Dis | 10.24 | 4.12 | Outperformed |
| Gold | Regional Bond | BNP Paribas USD Short Duration Bond Classic Cap | 4.58 | 4.12 | Outperformed |
| Platinum | High Yield | Allianz US Short Duration High Income Bond AM | 9.02 | 8.19 | Outperformed |
| Gold | High Yield | NB Short Duration High Yield SDG Engagement A | 7.79 | 8.19 | |
| Platinum | Mixed Asset | Amundi Income Opportunities A2 | 8.44 | 7.8 | Outperformed |
| Gold | Mixed Asset | GS Global Multi Asset Income Portfolio Base Acc | 9.2 | 7.8 | Outperformed |
Except for the China equity category, either a Gold or Platinum award winning fund from all asset classes subsequently outperformed their peers over a 12-month period*.
Both the Gold and Platinum winning funds outperformed in Global Equity, European Equity, Mixed Asset, Global Bond, Regional Bond and High Yield categories.
Either a Gold or Platinum fund outperformed in the Asia Pacific Equity, Global Emerging Market Equity, Sector Equity, Regional/Single Country Emerging Market Equity, Japanese Equity, US Equity and Emerging Market Bond categories.
China was the exception where both the Gold and Platinum fund picks underperformed the peer group over the period.
However, it seems the independent panel of professionals from Asia’s fund selector community correctly identified India as an outperforming single country to allocate towards, given its recent outperformance as a region.
Similarly, US bonds were also correctly identified as a strong regional bond to allocate to, given the strength of the US dollar and persistent higher interest rates.
*Performance is in USD terms from 30/6/2023 to 30/6/2024. JPM Emerging Middle East Equity was merged into the JPM Middle East, Africa and Emerging Europe opportunities fund. Amundi Pioneer Income Opportunities was absorbed into Amundi Income Opportunities. BlackRock US Mid-Cap Value Fund is listed as BlackRock GF US Small & Mid Cap Opportunities
