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PSN Top Guns Q1 2015 - New Highs with Minimal Gains

May 28, 2015 Ryan Nauman
Since 2000 Informa Investment Solutions has produced an elite list of separately managed account (SMA) Managers referred to as the PSN Top Guns list. Every quarter PSN ranks thousands of 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.

Informa clients can access the Top Guns portion of the Informa website and register using the links provided. Once registered, users can access the complimentary reports available through the Resources tab on the Informa Investment Solutions homepage.
While there, feel free to check out some of the other offerings in the Informa family of solutions. If one or more of your products are Top Guns and you are interested in licensing the Top Guns trademark, please contact Ruth Calderon (ruth.calderon@informais.com) for more information.

2015 started off with renewed volatility in the market. U.S. stocks reached new highs during the first quarter, even though the major stock indexes had minimal gains. Investors had to grapple with oil price volatility, a strong dollar, foreign monetary policy and the never ending Fed watch. The S&P 500 had a modest gain of less than 1.0%, while the broader gauge of the U.S. equities market, Russell 3000, realized a 1.80% return. Fixed income markets overcame talks of interest rate hikes to post a 1.61% return measured by the Barclays U.S. Aggregate index.

Mid and small capitalization stocks led the way in the U.S. equity markets. The strong dollar contributed to large caps underperforming, as large caps rely on foreign consumers more so than mid and small sized companies. Growth companies also outpaced value companies as the Russell Midcap Growth index paved the way with a 5.38% return. Below are some of the managers that make up the mid cap growth PSN Top Guns.

• BlackRock: Mid Cap Growth (+11.8% for the quarter)
• Herndon Capital: Mid Cap Growth (+9.5% for the quarter)
• Columbus Circle: Mid Cap Growth (+9.2 for the quarter)

The European Central Bank kicked off its quantitative easing program, which helped drive the European markets, as the MSCI EAFE index was up 5.00% during the quarter. The standout in the international space was Japan, due to the economy emerging from a six-month recession. The MSCI Japan index, which measures the performance of the large and mid cap segments of the Japanese market, had a robust return of 10.34%. The following strategies made the PSN Top Guns list for the Japan universe.

• JPMorgan: Fl. Japan Equity (+14.1% for the quarter)
• Tradewinds: Japan Equity (+11.8% for the quarter)
• Baillie Gifford: Japan Growth (+11.3% for the quarter)

While the Barclays U.S. Aggregate index posted a 1.61% return, lower quality bonds showed the way for the U.S. fixed income market with a 2.6% return, which is represented by the Credit Suisse High Yield index. The bond market also experienced a record quarter of new issuances in the investment grade corporate credit market during the quarter. Below are some of the strategies that made the PSN Top Guns list in the High Yield universe.

• Pyramis Global: HY Core Inst’l (+3.5 for the quarter)
• Babson: High Yield (+3.4 for the quarter)
• Brandywine Global: High Yield (+3.3 for the quarter)

The complete list of PSN Top Guns and an overview of the methodology can be located on www.informais.com under the “Resources” tab. If you do not have a login, you can complete the registration process for complimentary access. For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns Reports, contact Ruth Calderon at ruth.calderon@informais.com.

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