shortlists being drawn up in the 10 categories for which prizes will be given in investment week's annual award ceremony at savoy hotel
The judging process for this year's Investment Week Investment Trust of the Year awards has begun.
Designed to recognise and reward outstanding talent in the industry, the winners will be announced at a dinner at the Savoy Hotel in London on 21 November.
On the panel, which is giving awards in 10 categories, are four industry experts, Derek Larcombe of Morgan Stanley Quilter, Peter Metcalfe of Premier, Bob Clarke of Rathbones and Robert Ottley, formerly of HSBC. They are joined by Investment Week editor Mark Colegate.
The judges have used a quants screen initially and have sent out questionnaires to those trusts which are on the shortlist in six categories: UK, Japan, Europe, Global including US, UK Small Cap and Venture Capital, and Emerging Markets including Asia.
The quants screen, using Lipper data, is based on discrete yearly NAV returns over the 36 months to the end of August 2001. To be eligible, a trust had to have a three year track record and be above £25m in value.
All trusts that were in the bottom half of their AITC sector in the 12 months to 31 August 2001 were also stripped out.
Those that were left were then given a percentile ranking for their AITC sector returns during the 12 months to August 2001, 12 months to August 2000 and 12 months to August 1999.
The quants screen then gave a 40% weighting to the most recent percentile ranking, a 30% weighting to the preceding year's performance and a 20% weighting to the percentile ranking ending in August 1999. In addition, a 10% weighting was given to the three year information ratio on each trust. This produced a single figure for each trust and was used to draw up the shortlist.
The panel then constructed its own categories, made up of underlying AITC peer groups.
The next stage of the process will be for the judges to use the answers on the questionnaires supplied by fund managers to pick the eventual winner in each category.
The split-cap category, for which the shortlist is still being drawn up, will look at the underlying NAV performance of the portfolio rather than the returns generated by individual share classes. The panel will take the structure of the trust into consideration as part of the final judging process.
In addition, the panel has produced a shortlist for its group of the year award. This looked at all groups with management contracts for three or more trusts. It added up the final scores of all trusts being run by a group and divided it by the number of trusts to provide an average trust performance figure for the group.
Those on the shortlist are Aberforth, Baillie Gifford, Fidelity, Investec, JP Morgan Fleming, Jupiter and Merrill Lynch.
There are also two outstanding achievement awards, to be judged on a purely qualitative basis by the panel. The first of these aims to award outstanding achievement by a fund manager. The second is for a trust or investment group which has added value to shareholders either through innovation or by maximising the advantage of the investment trust structure to generate returns for investors.
Questionnaires must be returned to the panel by 24 October. For further information contact Mark Colegate on 020 7432 6914 or by e-mail on [email protected]
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