- 31 dec.Vector 2021 Annual Review
- 15 okt.Q3 Review
- 17 aug.Chinese crackdowns
- 22 jul.Vector 2021 Semi-Annual Review
- 25 jun.Why we still like value
- 25 mei'Transitory' Inflation
- 22 apr.Reversal to the mean?
- 17 mrt.Vector's take on sustainable finance
- 09 mrt.Sustainability-related disclosures in the financial services sector (SFDR)
- 19 feb.David versus Goliath: An analysis of 2020 stock market performance
- 30 dec.Vector 2020 Annual Review
- 20 nov.Factor momentum
- 20 okt.How will the US elections influence your portfolio?
- 25 sep.Are better times for quant investing on the horizon?
- 26 aug.Fama/French going through its biggest drawdown since 1963
- 17 jul.Vector 2020 Semi-Annual Review
- 25 jun.A Look At Post-Corona Market Valuations
- 25 meiUnprecedented times call for unprecedented measures...
- 23 apr.Vector's outlook on the Corona Crisis
- 13 mrt.Market correction: sense or sentiment?
- 17 feb.The market and sector concentration
- 14 jan.Notice to shareholders
- 31 dec.Vector 2019 Annual Review
- 17 dec.Fama/French going through its second biggest drawdown since 1963
- 15 nov.The Alpha Lifecycle
- 16 okt.Vector 2019 Q3 Review
- 10 sep.A new prospectus
- 14 aug.Market Review: July
- 10 jul.Vector 2019 Semi-annual Review
- 14 jun.Are factor premia disappearing?
- 21 meiHow persistent is regional outperformance?
- 12 apr.Market recovery: sense or sentiment?
- 12 mrt.Markets solidify recovery
- 12 feb.Stock Markets Rebound
- 31 dec.Vector 2018 Annual Review
- 14 dec.2019 (outrageous) predictions!
- 20 aug.Temperatures and stock markets heat up
- 18 jul.Vector 2018 Semi-annual Review
- 14 jun.Do exporters suffer during trade wars?
- 15 meiStrong earnings put markets on the road to recovery
- 17 apr.Q1 Overview
- 13 mrt.Stock Markets: Episode VI: The return of volatility
- 02 mrt.Vector wins Morningstar Germany and Belgium Awards!
- 22 feb.Vector Flexible wins De Tijd/L'Echo Awards for the third year in a row!
- 16 feb.Navigator wins Morningstar France Award!
30 sep. 2017
September turned out to be a great month for equity investors: the MSCI All Countries ended the month 2.5% higher, despite all the political noise coming out of Spain, where Catalonia’s struggle for independence took a violent turn, and Germany, where chancellor Merkel did not receive a very strong mandate. For the first time in a while, developed markets managed to outperform their emerging counterparts.
Navigator and Flexible both had a superb month, rising 4.04% and 3.37% respectively over the month, bringing their total year-to-date outperformance to 6.4% and 6.6% vis-à-vis their Morningstar categories. Both funds are beating around 95% of comparable funds since the start of this year.
Recently we received a couple of questions about what exactly is driving these consistently strong results. So we performed a performance attribution excercise. The idea behind this technique is that a fund’s performance can be divided into two distinct components: asset allocation and stock selection. Where the first concept tells us whether a fund’s weight in a certain group of stocks (for instance overweighting the technology sector) added or detracted from its performance, the latter informs us on how successful a manager’s stock-specific bets have been. If you are not familiar with the concept, you can read more about it in one of our old blogposts.
In that particular blog, we talked about a performance attribution that split up the alpha between allocation over sectors on the one hand, and stock selection within sectors on the other hand. Today we focus on another possible take at it: the splitting up of the alpha between allocation over regions on the one hand, and stock selection within regions on the other hand. We’ll go through the year-to-date results.