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February 28, 2014

Lipper Fund Awards 2014–One Night in Zurich

by Lipper Alpha Insight

On February 4 more than 230 participants from the Swiss and international fund industries celebrated the twenty-fifth annual Lipper Fund Awards for Switzerland. This awards event every year is the kick-off for Lipper’s global awards program. Since this event also marks the beginning of the annual Swiss awards season, it gets a lot of attention from the asset management industry as well as from the media. The two Lipper media partners—BANCO and e-fundresearch—were able to publish the first pictures and the results from the ceremony during the event.

LIPPER FUND AWARDS 2014

The methodology makes the difference

The Lipper Fund Awards are based on the Lipper Leader rating for Consistent Return. The awards are calculated using a utility function based on the effective return over multiple non-overlapping periods—three-, five-, and ten-year horizons. The calculations over multiple periods ensure that all periods in which a fund underperforms the average of its peer group are identified. In addition, Lipper uses a utility function based on behavioural finance theory to penalize periods of underperfomance, with more significant weightings given to excess negative returns. From an investor point of view the calculation methodology ensures that the winners of the Lipper Fund Awards are funds that have provided relatively superior consistency and risk-adjusted returns compared to a group of similar funds. Therefore, funds that receive a Lipper Fund Award may be the best fit for investors who value a fund’s year-to-year consistency relative to other funds in a particular peer group.

Otto C. Kober, Global Head of Methodology, Lipper

Otto C. Kober, Global Head of Methodology, Lipper

The best mutual funds in Switzerland

There were 35 single funds from the largest peer groups in the Swiss fund universe by assets under management honoured during the Lipper Fund Awards ceremony in Zurich. In addition, there were 43 funds that won an award for the three-year period, 70 funds were recognized with a Lipper Fund Award over the five-year period, and 45 funds won the prestigious trophy for the ten-year period.

Credit Suisse Select (CH) Swiss Equities 130/30 B won the Lipper Fund Award for Equity Switzerland over the three- and five-year periods, while Raiffeisen Futura Swiss Stock A won for the ten-year period.

The asset manager company with the highest number of single awards for its funds was First State Investment Management, which took home nine individual awards.

LIPPER FUND AWARDS 2014

The best asset management groups in Switzerland

The group awards are divided into large and small management groups, based on a regional assets-under-management split. It is not enough for a fund management company to hold just one large fund. A large management group must have at least five equity, five bond, and three mixed-asset portfolios, while a small group must have at least three equity, three bond, and three mixed-asset portfolios.

Within the bond segment the best small asset manager was Erste Sparinvest from Austria, which outperformed 43 competitors in this category. The best large bond fund manager was Goldman Sachs, which beat 41 competitors in its category.

The London-based Charlemagne Capital outperformed its 98 opponents and was named as the best small asset manager in the equity segment. First State Investment Management won the trophy as the best large asset manager of equity funds, beating 51 competitors in terms of consistent outperformance.

There were 17 large and 27 small asset managers competing for the Lipper Fund awards in the mixed-asset segment. While the Danish Jyske Invest won the trophy for the best small manager, the award for the best large manager was won by the U.S.-based asset manager Franklin Templeton Investments.

The highlight of the evening was the presentation of the overall awards. The winning groups were able to show an above-average risk-adjusted performance within their bond, equity, and mixed-asset products. In this category there were 13 large and 14 small groups competing for the prestigious trophy. For the overall category Jyske Invest won the award for the best small fund management group, while Franklin Templeton Investments was named the best large fund management group.

All winners of a Lipper Fund Award Trophy on one stage

All winners of a Lipper Fund Award Trophy on one stage

As one can see from the number of fund management groups in the single categories, the Lipper Fund Awards are notoriously competitive and recognize only the fund managers that are setting benchmarks within the industry. The Awards commemorate the expertise of the collective funds management industry and individual funds’ ability to outperform the market.

 

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