MutualFundWire.com: A Rough Week? How About a Rough 12 Months?
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Tuesday, August 6, 2019

A Rough Week? How About a Rough 12 Months?


Asset managers' shares have taken their lumps alongside the rest of the market over the past week. Yet the picture changes when you look at the past year.

Jay C. Horgen
 Affiliated Managers Group
President, CEO
By yesterday at market close, the S&P 500 had fallen 5.83 percent over the past seven days. 20 publicly traded U.S. asset managers' stocks mirrored the famous index's drop on average, with a 5.86 percent drop in the same period. At the extremes, five of those shops — Virtus, Victory, Franklin Resources, Invesco, and Eaton Vance — saw their shares fall more than 10 percent, while only two — Manning & Napier and U.S. Global Investors — saw their shares rise.

At a high level, extending the time horizon to all of 2019 so far changes little. Despite its recent woes, the S&P 500 is up 13.48 percent year-to-date, and those 20 asset managers' shares are up an average of 14.5 percent. 13 of those firms' shares have risen year-to-date, one is flat, and only six have fallen.

Yet the picture changes when you look back a full year. Since August 3, 2018, the S&P 500 is basically flat, up 0.15 percent; in other words, the index has fully recovered from the beating in late 2018. Yet while some asset managers' shares have recovered and then some, most have not yet bounced back. On average, those same 20 asset managers' shares have fallen 9.55 percent since August 3, 2018. Only five have risen, and the other 15 have fallen (12 of them more than 10 percent).

Here's the full list:

Victory Capital Management (VCTR, market cap of $1.1 billion), up 66.53 percent YOY, up 59.2 percent YTD, down 12.43 percent in the past week;

Federated Investors (FII, market cap of $3.319 billion), up 43.17 percent YOY, up 23.54 percent YTD, down 6.95 percent in the past week;

Cohen & Steers (CNS, market cap of $2.382 billion), up 22.7 percent YOY, up 46.97 percent YTD, down 3.19 percent in the past week;

U.S. Global Investors (GROW, market cap of $28.293 million), up 15.43 percent YOY, up 70 percent YTD, up 8.09 percent in the past week;

Legg Mason (LM, market cap of $3.2 billion), up 14.61 percent YOY, up 44.85 percent YTD, down 4.05 percent in the past week;

AllianceBernstein (AB, market cap of $2.609 billion), down 3.81 percent YOY, down 1.06 percent YTD, down 8.37 percent in the past week;

Franklin (BEN, market cap of $15.377 billion), down 5.48 percent YOY, up 2.93 percent YTD, down 11.74 percent in the past week;

T. Rowe Price (TROW, market cap of $24.997 billion), down 9.96 percent YOY, up 14.5 percent YTD, down 8.05 percent in the past week;

BlackRock (BLK, market cap of $67.623 billion), down 10.59 percent YOY, up 9.8 percent YTD, down 9.82 percent in the past week;

Artisan Partners (APAM, market cap of $2.116 billion), down 19.32 percent YOY, up 22.98 percent YTD, down 8.42 percent in the past week;

Ivy parent Waddell & Reed (WDR, market cap of $1.196 billion), down 19.97 percent YOY, down 10.23 percent YTD, down 7.73 percent in the past week;

Gamco (GBL, market cap of $538.955 million), down 21.83 percent YOY, up 15.57 percent YTD, down 2.69 percent in the past week;

Eaton Vance (EV, market cap of $4.621 billion), down 22.84 percent YOY, up 14.72 percent YTD, down 10.59 percent in the past week;

Virtus Investment Partners (VRTS, market cap of $661.346 million), down 25.76 percent YOY, up 19.16 percent YTD, down 14.34 percent in the past week;

Diamond Hill (DHIL, market cap of $462.197 million), down 29.02 percent YOY, down 9.66 percent YTD, down 1.85 percent in the past week;

WisdomTree (WETF, market cap of $894.705 million), down 29.61 percent YOY, down 13.83 percent YTD, down 7.43 percent in the past week;

Invesco (IVZ, market cap of $8.066 billion), down 31.72 percent YOY, up 2.57 percent YTD, down 11.17 percent in the past week;

Hennessy (HNNA, market cap of $72.722 million), down 37.22 percent YOY, down 3.1 percent YTD, down 3.48 percent in the past week;

Manning (MN, market cap of $27.536 million), down 38.25 percent YOY, flat YTD, up 15.79 percent in the past week; and

AMG (AMG, market cap of $4.125 billion), down 48.05 percent YOY, down 18.93 percent YTD, down 8.84 percent in the past week.


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