RYAAY - Active funds struggled in April and value topped growth
2023-05-03 08:03:49 ET
Actively managed funds faced a tough month in April, with only 40% of those tracked by BofA outperforming their benchmarks ( SPY ) ( IWB ) ( IWF ) ( IWD ).
The 60% underperformed by a median of -0.29%, BofA's global quant strategy team said in a note Wednesday.
"The results differed by style, according to our analysis of 2000 funds managing $2 trillion," quant strategist Nigel Tupper wrote. "While 54% of Value funds outperformed by a median +0.07%, only 31% of Growth funds outperformed with a median relative return of -0.59%."'
The most overweight stocks held in at least 30 Value funds are:
- Capital One ( NYSE: COF )
- Wells Fargo ( WFC )
- Ping An Insurance ( OTCPK:PNGAY )
- LG Electronics
- Samsung ( OTCPK:SSNLF )
The most overweight stocks held in at least 30 Growth funds are:
- MercadoLibre ( NASDAQ: MELI )
- Midea Group
- AIA
- Ryanair ( RYAAY )
- RELX ( RELX )
- Visa ( V )
- Novo Nordisk ( NVO )
Regionally, 64% of Japan funds outperformed, while only 19% of Europe funds outperformed.
"By Funds Under Management, 59% of the largest funds (FUM > $10bn) outperformed benchmark in April while only 38% of smaller funds (FUM < $750m) outperformed during the month," Tupper said.
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Active funds struggled in April and value topped growth