offshore funds were among winners at investment week award ceremony
Three offshore funds were among the winners at the Fund Manager of the Year Awards, hosted by International Investment's sister title Investment Week.
Goldman Sachs Global Emerging, Merrill Lynch IIF US Flexible and Old Mutual Select Smaller Companies were the winners in the Emerging Markets, North America and UK Small Cap sectors respectively, out of 21 offshore portfolios nominated in the awards.
In total there were 12 fund awards, two for fund groups and one for Outstanding Achievement, which went to Charlie Porter and Jonathan Hughes-Morgan, the founders of Thames River Capital.
The Global Group of the Year went to Jupiter while Specialist Group of the Year, aimed at niche providers, went to Neptune.
Many of the funds that won come from groups that have a strong presence in offshore bonds, for instance Invesco Perpetual and Investec. (For full list of awards see table). This is the second year in a row the awards have included offshore funds.
The judging process for the 11th annual awards, held at the Royal Albert Hall in London, began in March. The panel used an initial quants screen to draw up the shortlists, one that looked at discrete returns generated by the funds over the last three years, before using its expertise to pick the winners.
The panel consisted of some of the UK's leading fund of funds managers, Bambos Hambi of Gartmore, Gary Potter and Robert Burdett of Credit Suisse, John Chatfeild-Roberts of Jupiter, and John Husselbee of North, along with Investment Week editor Kira Nickerson and deputy editor James Smith.
The quants screen looked at each fund's performance within its given sector over three separate years to 31 March 2006. The fund then received a 20% weighting for its percentile ranking achieved during the 12 months to 31 March 2004, 30% for the year to 31 March 2005 and 40% for the 12 months to the end of March 2006. In addition a 10% weighting was given to each fund's three year information ratio. These four figures were added up to give a single score, those with the highest scores made the shortlist.
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