There is growing evidence that actively managed New Zealand share portfolios can add value, and that the local market has provided some strong returns in the past year.
In the latest Aon Investment Update the majority of managers have managed to outperform the index over the one year, three year and five year timeframes. Also, the average performance of the funds followed has been above the average.
For instance, the average performance for the 13 funds in the survey has been 32.0 per cent in the past year, compared against an index return of 24.2 per cent. The range of returns ranges from 40.2 per cent for AMP to 24.6 per cent for Armstrong Jones.
|
NZ Equity fund performance to September 30 |
|||
|
Manager |
Qtr |
1 year |
3 years |
|
Armstrong Jones |
-3.1 |
24.6 |
10.4 |
|
AMP |
-3.0 |
40.2 |
9.8 |
|
ANZ |
-4.9 |
26.1 |
5.3 |
|
AXA |
-3.8 |
29.2 |
5.0 |
|
BNZ |
-3.8 |
27.3 |
4.0 |
|
BT |
-1.1 |
31.7 |
9.3 |
|
Colonial First State |
3.0 |
33.7 |
13.2 |
|
Guardian Trust |
0.9 |
36.7 |
15.5 |
|
NZ Funds |
0.9 |
28.3 |
14.9 |
|
Royal & SunAlliance |
0.2 |
35.5 |
9.6 |
|
Spicers |
-0.3 |
34.8 |
|
|
Tower |
-2.9 |
29.2 |
9.3 |
|
WestpacTrust |
-3.6 |
26.8 |
3.0 |
|
Index |
-4.1 |
24.2 |
3.8 |
The other interesting point to come out of the survey is that the turnaround in performance from the year end September 30, 1998 to 1999 has been quite spectacular. In the 1998 year every manager bar one posted double digit negative returns ranging from -8.1 per cent for Spicers to -30.7 per cent for BNZ. A year later the average fund performance was in the range from 25 per cent to 40 per cent (Spicers did 34.8 per cent and BNZ did 27.3 per cent).
On a risk/return basis the top three funds over a three year timeframe have been Guardian Trust, NZ Funds Management and Colonial First State.
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