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15-07-08
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Outperformance: Vontobel fund managers ahead in beating the index
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Vontobel achieved the highest alpha frequency (percentage of funds generating alpha) of all Swiss asset managers in the 2008 rankings compiled by EDHEC and EuroPerformance.
This once again proves that portfolio managers can achieve attractive higher returns across a broad range of products. Overall, Vontobel has emerged as Switzerland's number two
asset manager in the 2008 rankings, ahead of around 49 other contenders. The results for 2008 and previous years therefore clearly confirm Vontobel's positioning as a top active
asset manager and a stable generator of alpha.
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First for "Alpha Frequency", with a majority of Vontobel funds generating alpha.
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Second out of 49 asset managers rated and 361 funds assessed.
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Rise in total score from 1.2 to 1.84 shows clear improvement on previous year
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Top rankings in 2006, 2007 and 2008 confirm Vontobel as a stable alpha generator
Published for the third time in 2008, the "Alpha League Table Switzerland" rates some 50 companies operating in the Swiss fund sector in order of performance. The focus is on
their ability to generate "pure" performance adjusted for the asset manager risks and to do so consistently across the whole spectrum of actively managed equity and mixed funds.
This accolade reflects the quality and consistency of Vontobel's performance as an active asset manager.
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"This accolade shows us we are on the right track. Our clearly structured, transparent and reproducible investment process has proved itself in the generation of alpha. Our key
objective is, after all, to generate added value for our clients through active investment management", explains Dr. Thomas Steinemann, Chief Strategist of the Vontobel Group.
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The top score of 52% for "alpha frequency" shows that Vontobel has more than just a handful of good products, and generates alpha across a broad front, with 14 out of the 27
Vontobel funds rated generating alpha. The International Equities and sector funds category accounted for 55% of the average alpha generated. The Swiss Equities segment accounted
for 20% of the alpha, while European Equities accounted for 14%.
Vontobel has a structured and reproducible investment process which enables transparent solutions for a range of client groups. The "Swiss Alpha League Table 2008" shows that this
approach is successful: by making it possible to generate alpha on a sustainable basis for the broadest possible range of clients.
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"We were delighted to receive this accolade." adds Hans Speich, Vontobel's Head of Portfolio Management, "Coming second in the EDHEC/EuroPerformance rankings confirms the
all-round quality of the product range developed by Vontobel Asset Management."
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Methodology
The methodology of EDHEC and EuroPerformance differs from the usual approach used by Morningstar and S&P. Asset managers' long-only equity funds are rated only according to
their additional portfolio return or "alpha". The rating is based on the alpha compared to an "equivalent style" benchmark index. The product benchmark is not relevant and market
performance, or "beta", is completely disregarded. The advantage of this method is that it focuses only on the performance component actually generated by the asset management
company, as opposed to components attributable to market conditions.
EuroPerformance's rating is also risk-adjusted. This means that a key feature of portfolios managed by asset managers with high rankings is their very good risk/return ratio. The
rankings also analyze the consistency of the higher returns generated by the portfolios reviewed by comparing their performance with the benchmark index on a weekly basis over the
three-year assessment period.
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