4th April 2017

Fund Performance Q1 2017

Welcome to the second in the series of fund performance data. Here are some takeaways for the first quarter:

Schroder’s ISF Euro Corp Bond fund seems to have the right strategy in place demonstrating that “big can be beautiful” as the €8bn fund returns 4.87% in Q1 2017 and is also the top of the list on an annual basis too, beaten only by GAM and Henderson. GAM in particular features prominently when performance is not ranked by size of assets under management.

That is, GAM’s smaller Star Credit Opp fund (AUM €1.6bn) returned an excellent 16.75% in Q1 while, for example, the slightly smaller Schroders ISF fund (€1.3bn) delivered up 8.51% in the same period. View the performance table here.

In HY, Pictet‘s €4.2bn short term fund returned just 1.29%, while the €3.8bn Fidelity European HY fund (AUM €3.8bn) returned 7.62%. Finnish based Evli‘s HY fund (AUM €882m) came up with 9.71% in Q1 and 9.51% in the 12-months to end March 2017. That’s consistency for you. View the full table here.

Smaller funds in the high yield space, like Switzerland Inv and Placeuro HY delivered 20% of more in the quarter and the same in the year to end March 2017.  See the top performers here.

In sterling, Royal London’s Credit Z fund stands out (£1.2bn) with quarterly returns of 12.65% although GAM’s Star Credit Opp fund returned 16.23% although is more than 50% smaller in AUM terms. The full list can be seen here.

Meanwhile, in the sterling high yield market, the large L&G High Income fund returned 12.94% in Q1 20917 and was beaten only by Schroder‘s HY Opportunities fund  (13.3%). The former manages £1.5bn though and the latter £378m.  View the full table here.

There’s much more – take a look.

Suki Mann

A 30+ year veteran of the European corporate bond markets and in his role as Credit Strategist, Dr Mann has been ranked number one in the Euromoney Investor Survey eight times in ten years. Previously with Societe Generale and UBS, he now shares views of events in the corporate bond market exclusively here on CreditMarketDaily.com.