Share fund managers post poor results in June

Australian share fund managers have generally posted poor results in June while utilities was the standout sector of the Australian sharemarket, according to Morningstar's study.

The Australian Institutional Sector Survey, which provides coverage of the performance of Australian institutional investment strategies, found that Australian share fund managers generally posted poor results in June, with the median manager falling three per cent for the month and going up 1.1 per cent over the year to June 30, slightly ahead of the S&P/ASX 300 index.

The best-performing Australian share strategies over the year were Bennelong Concentrated (28 per cent), Macquarie High Conviction (18.6 per cent) and Hyperion (16.8 per cent).

At the same time, global share strategies lagged Australian shares in aggregate over the year, with the median manager returning -0.7 per cent on an unhedged basis and individual results ranging from 13 down to -11 per cent. However, longer term median results ranged from 14.8 per cent over three years to five per cent over 10, with CFS, Antipodes and Morningstar Investment Management being the top-performers.

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The median Australian property securities manager posted a 24.4 per cent gain over the year, which was slightly below the index's 24.6 per cent, with Folkstone, Morningstar Investment Management and Ironbark being the best-performing managers.

Growth Australian share strategies did better than their value counterparts in June, while growth assets delivered mixed results over the month.

As far as the sectors of the Australian sharemarket were concerned, utilities (5.6 per cent) was the standout sector, followed by resources (2.2 per cent) and materials (0.6 per cent). Poorer-performing sectors were information technology (-7.6 per cent), financials (-5.9 per cent), and consumer staples (-4 per cent).