requirement for funds in the group's range to be over £15m removed
The shortlist for the group of the year award for the eighth annual Investment Week awards has been finalised, with some alterations to the way it has been formed in previous years.
This year, in light of three years of falling markets, the judging panel has decided to eliminate the requirement for core funds within the group's range to be above £15m in assets. This only applies to the group of the year quants screen and not to the individual award categories.
In order to qualify for the group of the year, fund management companies must have a mainstream UK equity fund, either Equity Income or All Companies, a bond portfolio, a Japan or Far East fund, Europe fund and a North American vehicle in their range, all with three-year track records.
A quants score is given to all the funds in the group's range and divided by the total number of funds to get a single weighted average.
Last year's winners, Fidelity, are again featured in the shortlist, and this year is joined by Baillie Gifford, Newton, Jupiter, Investec and St James Place.
Questionnaires for the individual awards have now been sent and groups are encouraged to send the responses electronically by 11 June. Completed questionnaires are to be sent to Sophie Pope, at [email protected]
The shortlist for the individual awards is constructed by a quantitative screen applied to all unit trusts with more than £15m in assets and with three-year track records. All statistics are run over the three years to 31 March 2003. Figures are bid to bid, ex-dividend income reinvested at ex-dividend, not payment, date.
The three discrete years' figures and three-year information ratios are produced with a 40% weighting given to the most recent one-year figure, a 30% weighting to previous year, 20% to the year before that and 10% to the information ratio.
Sector categories, created through an amalgamation of IMA sectors, remain unchanged from last year.
The 12 performance categories include asset allocator, consisting of the IMA sectors Active, Balanced and Cautious Managed plus Global Growth.
The specialist award is created from an amalgamation of many different sectors including the Specialist, Property, Tech & Telecoms, North American Smaller Companies, European Smaller Companies, Japan Smaller Companies and single country funds.
The emerging markets award category is made up of the IMA sectors Global Emerging Markets, Latin America plus Eastern European funds while the Europe category consists of Europe ex UK and Europe including UK portfolios.
The Far East award is fairly straightforward, made up of the Far East ex Japan and Far East inc Japan sectors while the North America, UK Smaller Companies, UK Corporate Bonds and Japan awards are derived from the mirror IMA sectors.
The UK Growth award looks at portfolios in the UK All Companies sector and UK Income is made up of the UK Equity & Bond Income and UK Equity Income sectors.
The judging panel has this year decided to alter the questionnaire sent to fund managers for the qualitative portion of the judging process.
This year the questionnaire places greater emphasis on how managers have handled the past three years of volatile markets and looks at what instruments and style they used to achieve performance in such difficult markets.
The panel, this year expanded to include Bambos Hambi of Insight Investments, consists of John Husselbee of Hendersons, Gary Potter and Robert Burdett of Credit Suisse, John Chatfeild-Roberts of Jupiter and Mark Colegate and Kira Nickerson of Investment Week. The award presentation takes place at the Royal Albert Hall dinner on 10 July.
Any queries email Kira Nickerson at [email protected]
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