OPINION: Rising inflation and interest rates have hurt global equity managers with a bias to growth stocks. But one has bucked the trend, according to Morningstar.
might be nursing their losses, but at least they can be happy with how the group’s flagship global equity fund has stood up as sharemarkets have turned against growth investors.
Morningstar describes the PM fund as having a blended strategy, but managing director of research, Michael Malseed, says it has a value tilt.Advertisement Shares in GQG are down about 26 per cent on their issue price last October. But the firm, run by executive chairman Rajiv Jain, is the only growth manager to make Morningstar’s top five global equity funds list.
Bottom of the list is Baillie Gifford Long Term Global Growth fund, which is down 39.8 per cent this calendar year, after delivering bumper returns in 2019 and 2020 .Hyperion Global Growth Companies fund is next, down 31.5 per cent in the five months to May 31, although Malseed notes it has and its five-year annualised return of 8.7 per cent remains above benchmark.
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