PHILADELPHIA — Subpar performance has cost value manager Rorer Asset Management LLC at least five pension fund clients since September 2003.
According to separate account data from Morningstar Inc., Chicago, Rorer's large-cap/relative value equity strategy returned 12.9% for the year ended June 30 vs. 19.1% for the S&P 500 and 21.13% for the Russell 1000 Value index.
For the three-year period, the strategy returned -2.3% vs. -0.69% for the S&P 500 and 2.96% for the Russell index. For the five years ended June 30, the equity strategy returned -0.31%, while the S&P 500 returned -2.21% and the Russell 1000 Value returned 1.88%. All returns of more than one year are compound annualized.
Rorer had $9.4 billion in total assets under management as of Dec. 31, of which about $1.9 billion is U.S. institutional tax exempt (Pensions & Investments, May 31). The lion's share of Rorer's assets is in large-cap value equities.