Speakers from 16 investment houses to appear at IW event
Investment Week's unit trust group of the year award has produced a shortlist with some well known names and two which are not natural buys for intermediaries.
Canada Life and Clerical Medical join Henderson Investors, Threadneedle, Newton and Fidelity on the shortlist, with the winner to be announced at the Royal Albert Hall on the evening of 10 July.
The finalists have been drawn up using a quants screen devised by the awards panel. The judges are 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.
These funds were then treated similarly to the process individual portfolios underwent for the sector classification awards.
All performance statistics were run to 31 March 2001 and figures are on a bid to bid basis with ex-dividend income reinvested at ex-dividend, not payment, date.
The panel ran off three year discrete return figures for each fund as well as its three year information ratio, each 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.
For the group awards these were then added up and divided by the number of eligible funds in the range.
At the next stage of the process the panel only considered groups whose ranges included a mainstream UK fund, a bond portfolio, a Europe, US and Japan or Asia fund. The shortlist was based on taking every fund within the company's range which had a three year track record and had assets of £15m or above as of the end of March 2001.
This meant that several groups with high overall scores were ineligible for the award. In particular Jupiter lacked a retail bond fund with the relevant track record, Govett's bond fund was less than £15m and Investec lacked a US portfolio.
The judges felt that while groups such as these had provided consistent and high returns across their ranges, the fact they did not have sufficient assets or track records for retail funds in areas as key as fixed interest or North American equities meant they could not be put forward for the shortlist.
The shortlist for the outstanding achievement in fund management award is still being considered and will be published in next week's Investment Week.
The award for outstanding achievement is based on a purely qualitative process.
Contact: Mark Colegate at [email protected]
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