How’d we do? Checking in with some 2012 picks
InvestmentNews’ Top 10 Portfolio Managers to Watch in 2012 have had mixed results in terms of fund performance…
InvestmentNews’ Top 10 Portfolio Managers to Watch in 2012 have had mixed results in terms of fund performance following their time in the spotlight.
Five of the 10 managers we selected last year finished the 12-month period ended March 22 with above-average category returns, with a couple finishing among the very best. The other five had below-average performance.
Of course, one year doesn’t typically make or break a track record. With that in mind, here’s a look at the best and worst from last year.
David Albrycht, who we learned is an avid Red Sox fan, had a much better 2012 than his favorite baseball team. His fund, the $8 billion Virtus Multi-Sector Short Term Bond Fund (NARAX), was the top-performing short-term-bond fund over the 12-month period ended March 22, according to Morningstar Inc. Its 6.48% return trumped the category average by 373 basis points.
In March, Mr. Albrycht launched an actively managed exchange-traded clone of the fund. The AdvisorShares Newfleet Multi-Sector Income Fund (MINC) has an expense ratio of 75 basis points, 25% cheaper than the mutual fund.
Our pick for emerging-markets portfolio manager to watch had a stellar year, as well. Justin Leverenz’s $32 billion Oppenheimer Developing Markets Fund (ODMAX) not only finished in the top quartile of diversified emerging-markets funds, the fund, which returned 5.92% over the past year, was the top seller in its category. After taking in $5 billion in 2012, the fund is now closed to new investors.
Still, Mr. Leverenz wasn’t the top international stock manager we had our eyes on. David Samra, portfolio manager of the Artisan International Value Fund (ARTKX), led his fund to a 19% gain over the 12-month period ended March 22 — 725 basis points above the category average and good enough to rank in the top 2% of all large-cap international funds.
Both David Lee and Luz Padilla, managers of the $3.8 billion T. Rowe Price Real Estate Fund (TRREX) and the $811 million DoubleLine Emerging Markets Fixed-Income Fund (DBLEX), respectively, posted near-double-digit returns. Unfortunately, that performance didn’t keep up with the competition. Mr. Lee trailed his category’s average by 295 basis points, and Ms. Padilla missed hers by 144 basis points.
[email protected] Twitter: @jasonkephart
Learn more about reprints and licensing for this article.
