AIM Program’s Class of 2017 Posted Strong Q1 2017 Returns for the AIM
International Equity Fund
As written previously, the
active-passive challenge continues with about half of the actively managed
funds posting returns above their benchmarks in Q1 2017. Active managers are
almost in a ‘must win’ situation and need a strong 2017 performance. According
to Jefferies, of the over 4700 mutual funds they track, only 45% are beating as
of the end of Q1, but the average fund is only 8 basis points behind their
respective benchmark.
How did international
fund managers fare? The common belief is that international equity managers (like small
cap funds) should have a good chance of beating their benchmarks. The results
are not yet available for the universe of active international fund managers,
but here is the return of several of the major benchmarks as of the end of Q1
2017.
International Equity Performance (% Total Return)
|
Mar-17
|
Q1 2017
|
Past 6 Months
|
US Fund World Allocation
|
0.80
|
4.28
|
3.58
|
US Fund World Stock
|
1.71
|
7.39
|
6.88
|
So how
did the AIM Class of 2017 fare with the International Fund? The students have had
an excellent run since the beginning of the fall semester – posting strong excess
returns versus the Russell Global ex-US Index for Q1 2017 (8.2% vs. 8.2%) – and
a solid 8.0% return for the past six months – versus 6.5% for the benchmark. Also, compared to the returns in the table
above, the AIM student-managers have been on a strong run. (Click on the box to
see the full performance table).
AIM International Equity Fund Performance (% Total Return)
|
Mar-17
|
Q1 2017
|
Past 6 Months
|
AIM International Equity Fund
|
2.73
|
8.19
|
8.00
|
Benchmark:Russell Global xUS Index
|
2.55
|
8.24
|
6.53
|
Holdings:
|
|||
Allied World Assurance Co Holdings AG
|
0.53
|
-1.14
|
32.01
|
Ardmore Shipping Corp
|
17.52
|
8.78
|
14.35
|
Argo Group International Holdings Ltd
|
1.67
|
3.29
|
21.04
|
Assured Guaranty Ltd
|
-9.38
|
-1.37
|
34.71
|
Atos SE ADR
|
5.07
|
17.56
|
15.59
|
Autoliv Inc
|
-2.33
|
-9.11
|
-3.16
|
Aviva PLC ADR
|
8.75
|
13.17
|
17.72
|
BAE Systems PLC ADR
|
3.31
|
11.82
|
20.30
|
Brookfield Property Partners LP
|
-1.94
|
2.57
|
-0.37
|
Caesarstone Ltd
|
8.53
|
26.53
|
-3.87
|
Cameco Corp
|
0.49
|
6.44
|
31.06
|
Canadian Solar Inc
|
-16.64
|
0.74
|
-10.70
|
Carnival PLC ADR
|
5.35
|
13.77
|
19.38
|
Check Point Software Technologies Ltd
|
3.79
|
21.55
|
32.28
|
China Mobile Ltd ADR
|
-0.05
|
5.34
|
-10.22
|
Chubb Ltd
|
-0.89
|
3.65
|
9.53
|
Controladora Vuela Compania de Aviacion SAB de CV ADR A
|
15.02
|
-7.31
|
-19.84
|
Credicorp Ltd
|
-0.80
|
3.45
|
7.28
|
DAVIDsTEA Inc
|
10.53
|
7.30
|
-40.34
|
Delphi Automotive PLC
|
5.73
|
19.94
|
13.67
|
Diageo PLC ADR
|
1.11
|
12.35
|
0.63
|
Dominion Diamond Corp
|
49.29
|
30.48
|
31.72
|
Enbridge Inc
|
-0.02
|
0.39
|
-3.51
|
FirstService Corp
|
4.56
|
27.26
|
29.68
|
Fomento Economico Mexicano SAB de CV ADR
|
9.91
|
16.15
|
-3.12
|
Frank's International NV
|
-12.75
|
-13.53
|
-17.54
|
Gemalto ADR
|
-7.27
|
-3.47
|
-12.75
|
Gildan Activewear Inc
|
6.91
|
6.95
|
-2.64
|
Golar LNG Ltd
|
2.45
|
21.97
|
32.22
|
Grupo Aeroportuario del Pacifico SAB de CV ADR
|
12.32
|
17.67
|
3.16
|
Grupo Televisa SAB ADR
|
1.69
|
24.17
|
0.97
|
Heineken NV ADR
|
2.76
|
13.47
|
-3.21
|
Horizon Pharma PLC
|
-7.91
|
-8.65
|
-18.48
|
HSBC Holdings PLC ADR
|
1.29
|
4.21
|
12.66
|
Iberdrola SA ADR
|
7.70
|
11.24
|
7.47
|
Icon PLC
|
-4.83
|
6.01
|
3.04
|
IHS Markit Ltd A
|
5.40
|
18.47
|
11.72
|
Imax Corp
|
5.10
|
8.28
|
17.36
|
Infineon Technologies AG ADR
|
15.09
|
19.83
|
16.46
|
iShares MSCI ACWI ex US
|
2.57
|
7.82
|
6.24
|
KONE Oyj ADR
|
1.41
|
1.65
|
-10.31
|
L'Oreal SA ADR
|
3.50
|
5.66
|
1.80
|
Lululemon Athletica Inc
|
-20.52
|
-20.19
|
-14.94
|
MARSHALL GOVT MONEY MARKET
|
0.04
|
0.10
|
0.14
|
Mercer International Inc
|
-1.95
|
10.94
|
40.85
|
National Grid PLC ADR
|
4.32
|
8.83
|
-9.40
|
NICE Ltd ADR
|
-0.40
|
-0.90
|
2.03
|
Nidec Corp ADR
|
2.55
|
11.60
|
4.43
|
Open Text Corp
|
3.47
|
10.42
|
5.58
|
PT Bank Mandiri (Persero) Tbk ADR
|
6.73
|
5.79
|
4.43
|
Reckitt Benckiser Group PLC ADR
|
0.95
|
10.74
|
-2.95
|
SAP SE ADR
|
5.36
|
13.58
|
7.40
|
Sberbank of Russia PJSC ADR
|
5.30
|
-0.43
|
22.40
|
Schneider Electric SE ADR
|
8.45
|
5.97
|
5.74
|
Shinhan Financial Group Co Ltd ADR
|
1.95
|
11.03
|
14.68
|
Sibanye Gold Ltd ADR
|
8.63
|
24.79
|
-37.65
|
Syneron Medical Ltd
|
13.44
|
25.60
|
47.35
|
Talend SA ADR
|
9.85
|
34.14
|
13.84
|
Taro Pharmaceutical Industries Ltd
|
-2.74
|
10.78
|
5.53
|
The Toronto-Dominion Bank
|
-2.93
|
2.36
|
14.69
|
Total SA ADR
|
2.19
|
0.19
|
8.41
|
Travelport Worldwide Ltd
|
-7.32
|
-15.99
|
-20.69
|
Trinity Biotech PLC ADR
|
-3.40
|
-13.87
|
-54.92
|
Vedanta Ltd ADR
|
11.71
|
38.24
|
66.57
|
Vodafone Group PLC ADR
|
4.01
|
8.19
|
-7.59
|
Westpac Banking Corp ADR
|
3.13
|
13.80
|
20.48
|
WNS (Holdings) Ltd ADR
|
1.27
|
3.85
|
-4.47
|
XL Group Ltd
|
-1.01
|
7.57
|
19.77
|
