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March 23, 2011 at 11:13 AM
T. Rowe Price, Invesco and Franklin Resources stood out as top performers but Janus and AllianceBernstein ranked poorly in a report on equity fund returns published Friday by financial-services investment bank Keefe, Bruyette & Woods.
T. Rowe Price continues to demonstrate strong risk-adjusted returns, while the positioning of many Invesco and Franklin funds is positive, according to New York-based KBW’s quarterly report on equity fund performance that examines how three-year risk-adjusted fund returns as of Feb. 28 compare with returns calculated a year ago.
“However, the relative positioning of many funds managed by Janus has deteriorated, while AllianceBernstein equity fund performance remains weak,” KBW concluded in its report, “Equity Performance Bubbles: A Look at Risk-Adjusted Returns.”
In KBW’s view, T. Rowe’s risk-adjusted returns remain generally strong, little changed over the prior year. “The strong historical performance of a wide range of T. Rowe’s equity funds is one of the reasons the company has been enjoying, and we expect will continue to enjoy, comparatively solid inflows over time,” the report said.
The relative performance of Invesco’s equity funds is “generally favorable,” and the company “should have a product line that could benefit from any return to equity fund investing,” while the risk-adjusted performance of many of Franklin’s equity funds “appears to have generally improved, with many Mutual Series funds continuing to screen well.”
