The Aapryl Quarterly Market Insight offers a lens on how active managers in general performed in various markets and sub-segments. Using Aapryl’s proprietary methodology, we measure manager skill by using the manager’s static clone (long term factor profile) as a measure of skill instead of the broad market benchmark. Manager skill is calculated by using the manager’s raw return less their static clone return.
U.S. Large Cap continues to lead performance with Aggressive Growth (+1.10%) followed by Global Large Cap Relative Value (+0.52%) and Emerging Markets Large Cap Aggressive Value (+0.15%) delivering strong peer median manager skill. On the other hand, Global U.S. Large Cap Aggressive Value (-4.03%), Emerging Markets Large Cap Aggressive Growth (-2.50%), and Emerging Markets Large Cap GARP (-2.54%) underperformed.
Below are the top three winners and bottom three losers based on the performance of their respective peer group medians for the prior quarter:
Aapryl Peer Group Manager Skill Performance Matrix
Quarter Ending 9/30/2024
The performance spread between the top and the bottom quartile within their respective peer groups varied for each Aapryl peer group is shown below. The biggest performance spread between the peer groups top quartile vs bottom quartile occurred in the U.S. Large Cap Aggressive Value peer group 8.84% this quarter, with the lowest spread occurred in the Non-US Small Cap Relative Value (+1.48%) peer group for the quarter.
Top Quartile vs. Bottom Quartile
Quarter Ending 9/30/2024
Fixed Income Manager Performance During the Quarter
Active managers in Fixed Income continue to show performance differences between top and bottom quartile managers. The highest spread occurred this quarter in EM Bond Long Term Intermediate Spread +1.63%, while U.S. Core Short Term All Spread had the lowest spread of +0.28%. The U.S. Core Plus Short Term Global Bonds High Risk median managers performed the best with +0.17%, while High Yield Short Term All Spread performed the worst during the quarter with -0.52% median return.
Quarter Ending 9/30/2024
