Since 2000 Informa Investment Solutions has produced the PSN Top Guns list. Every quarter PSN ranks thousands of separately managed account (SMA) products across dozens of universes. Looking at short- and long-term return and risk characteristics, PSN identifies the top SMA products from a variety of different perspectives.
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In the third quarter of 2013 the U.S. equity markets set record highs. Growth outperformed value as growth investors were happy to ride the wave while value investors started to worry about valuations and the sustainability of the rally. PSN’s Top Guns in the U.S. Large Growth universe were typically those managers who were willing to take concentrated bets, like Cupps Capital Concentrated Growth (+20.1%), Sands Capital Select Growth (+19.1%) and Columbia Management Focused Large Cap Growth (+19.0%).
While still off their highs, the international markets handily outperformed the U.S. markets during the third quarter. Emerging markets recovered from an ugly second quarter, but the best returns were to be found in the developed markets. While the economies of Europe aren’t completely out of the woods yet, the hope is that the worst is in the past. Oechsle International Select (+18.8%), Ballie Gifford EAFE Plus Alpha (+17.5%) and Federated EAFE Equity (+17.0%) were all top performers in PSN Top Guns in the EAFE Universe.
With the Fed postponing the tapering of their bond-buying program, many fixed income sectors rallied after posting losses in the second quarter. Of course the flip-side to a bond price rally is a scarcity of yield, so investors seeking income returned to the riskier portions of the fixed income market. JP Morgan, AllianceBernstein, T. Rowe Price, and Barings all had international fixed income products with returns of +4.0% or greater in the quarter, while Threadneedle’s Euro High Yield topped the list with an +8.0% quarterly return.
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