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Alternative Market Briefing

Active strategies' rebound continued in Q3 2020

Friday, October 23, 2020

Matthias Knab, Opalesque:

Active investment managers across a variety of asset classes and regional exposures followed their historic Q2 returns with continued gains in Q3 2020. Returns were not consistently positive throughout the quarter as losses were the norm in September. The road ahead is filled with uncertainty around US elections and the global response to COVID-19 in the coming months.

The data below pulls some high points from eVestment's monthly and quarterly institutional investment performance data and highlights historic quarterly returns, particularly among Equity strategies, globally.

Highlights include:

  • The average of all active traditional equity strategies was +7.75% in Q3 2020 (compared to +21.09% in Q2) and -0.55% YTD and the average of all active traditional non-cash fixed income strategies was +2.88% in Q3 and +3.94% YTD.
  • The biggest story of the quarter for equity strategies was the continued outperformance of growth over value strategies, which was almost universal across global exposures. Active equity performance vs. benchmarks shows a different picture, however, as US Large Cap and All Cap Growth managers have been finding it difficult to keep up with surging benchmarks (only 21% beat the universe's preferred benchmark in Q3 and 32% YTD).
  • Within fixed income, European markets generally produced better results than within the US (in USD terms) during Q3 and returns were best within convertibles, then mostly follow......................

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