Monday, April 3, 2017

AIM Student-Managed International Fund Posts Strong Performance as of end of Q1 2017

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




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