Market Matters: August 31, 2024
Fixed income outperformed equities, driven by declining yields as markets became more convinced that major central banks would continue to ease monetary policies.
Authored by: David Kautter
Market Matters: June 30, 2024
Global equities advanced, with performance led by tech-heavy markets, including the United States and emerging Asia.
Key Central Bank Policy Rates Approach Cyclical Peak
Over the past two weeks, central banks in the United States, United Kingdom, euro area, and Japan have all held monetary policy meetings. The communications following these meetings retained a hawkish bias, suggesting further policy tightening may be necessary—except for the Bank of Japan—however, additional interest rate hikes will likely be much less frequent for the remainder of this cycle. Despite this reality, we do not think major central banks will be quick to cut interest rates next year.
Emerging Markets Equity Manager Performance: 2021
On a median basis, active managers declined but held up better than the MSCI Emerging Markets Index. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Global Equity Manager Performance: 2021
The vast majority of active managers underperformed the index in 2021—the worst year for active global equities managers we have on record. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Global ex US Equity Manager Performance: 2021
This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
US Mid- to Large-Cap Equity Manager Performance: 2021
For the eighth straight year, the majority of active mid- to large-cap equity managers underperformed in 2021.
Global Equity Manager Performance: 2020
In 2020, 55% of active global managers underperformed the MSCI World Index (gross of fees), with the median manager underperforming by 150 basis points. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Emerging Markets Equity Manager Performance: 2020
Slightly more than half of active emerging markets equity managers underperformed the MSCI Emerging Markets Index (gross of fees) in 2020—the fourth time the median manager has underperformed the benchmark out of the last five years. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Global ex US Equity Manager Performance: 2020
In 2020, 62.9% of active global ex US managers outperformed the MSCI EAFE Index, gross of fees, with the median manager outperforming by 334 basis points, the highest margin in a decade. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.