Groups with shortlisted funds have until 13 June to complete qualitative portion of judging process
Groups which have been shortlisted for the annual Investment Week awards have until Wednesday, 13 June to submit the completed questionnaires in time for the final judging.
More than 40 different fund management groups have funds which have been shortlisted by the judging panel this year. Shortlisted funds which do not complete the questionnaire will not be eligible for the final stage of the judging process, which is based on a quantitative and qualitative assessment of the fund manager's investment process.
The judging panel, which consists of Robert Burdett and Gary Potter of Credit Suisse, John Chatfeild-Roberts of Jupiter, John Husselbee of Hendersons and Investment Week's editor in chief Lawrence Gosling and editor Mark Colegate, drew up the shortlists in the 12 categories based on a quants screen. The quants screening uses the same principles as last year. All statistics are run to 31 March 2001 and performance figures are on a bid to bid basis with ex dividend income reinvested at ex dividend, not payment, date. To be eligible, each fund must have at least a three year track record and a manager who has been running the portfolio for the three years to 31 March.
The panel, using data supplied by Lipper, has screened out all portfolios with assets of less than £15m, along with all exempt and pension funds.
The categories are based on underlying Autif sectors as of April 2001. Lipper screened out the bottom 50% of funds on a total return basis over the 12 months to 31 March 2001. It then ran off three year discrete return figures for each fund as well as its three year information ratio, along with a percentile ranking.
The panel gave a 40% weighting to the most recent discrete year's percentile ranking, a 30% weighting to the preceding year, a 20% weighting to the year prior to that and a 10% weighting to the information ratio. The aim of this has been to give a bias in the final score to more recent performance.
The panel limited the nominees in each category to six, with the exception of the specialist sector where there are seven entrants because the panel felt the huge diversity of investment briefs within this category necessitated a longer list. Shortlists for the final two categories, an award for outstanding achievement in fund management and the group of the year award, are still in the process of being drawn up.
The award for outstanding achievement is based on the qualitative process, while the fund group of the year award consists of both a quants and qualitative screen.
Lipper arranged all unit trusts and Oeics by fund management group rather than sector and ran the same three discrete year and information ratio statistics as in the other categories. To produce an average, Lipper added up the individual scores for each fund and divided this by the number of funds the group has.
Contact: Mark Colegate at [email protected]
Name of fund.
Name of fund manager.
How long have you managed the fund? (include month and year)
Please provide a brief career history.
How many people are there in your team and what relevance do they have to the management structure of the fund?
What are the fund's performance criteria and benchmarks?
Is there any limit on geographical/stock/sector weightings? (detail current splits against the benchmark)
What is the hedging policy on this portfolio?
What is your investment process and style?
What have the key investment/portfolio decisions been over the last year and what effect have they had on performance?
How is risk measured, controlled and reviewed in this fund?
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
Senior Managers Regime
Interest rate outlook unchaged
FCA made demands last week