WAYNE, Pa. - The best-performing institutional equity managers specialized in small and microcap stocks last year, according to performance rankings from web-based manager tracker InvestorForce, Wayne, Pa..
For the year ended Dec. 31, Salt Lake City-based Wasatch Advisors Inc. beat all other equity managers with a composite 53.5% return for the year ended Dec. 31 with its microcap growth equity strategy. The second best equity performer, also on the small end of the capitalization range, was a small/microcap value approach from Boston Partners Asset Management LP, Boston, which returned 51.3% for the year.
By contrast, large-cap growth was the worst performing asset class in InvestorForce's ranking. The 3.5% return for the year from Groesbeck Investment Management, Paramus, N.J., was the category's best for the calendar year 2001. Among midcap growth managers, the top return for the year was 8.5%, from Rice Hall James & Associates, San Diego.
APS leads international
International equity was represented by a top return of 25.7% for the year from APS Asset Management, Singapore, and emerging markets were led by an 11.1% composite return for the year from Grantham, Mayo, Van Otterloo & Co. LLC, Boston. Wellington Management Co. LLP, Boston, led the pack of global equity managers with a 3.7% composite return, according to InvestorForce.
InvestorForce found the best-performing bond category in 2001 was emerging markets debt. Pacific Investment Management Co., Newport Beach. Calif., with a 29.3% composite one-year return, was the top manager in that class. The 27.7% one-year return of the U.S. fixed-income intermediate duration strategy, managed by TCW Group, Los Angeles, was the next-best bond performer. High-yield fixed income also did well in 2001, led by SMH Capital Advisors Inc., Fort Worth, Texas, which had a composite return of 28.1% for the year. STW Fixed Income Management Ltd., Boston, also had a good year, with a 14.9% one-year composite return for its U.S. long duration fixed-income strategy.