Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today released its quarterly review of fund performance for funds domiciled in Europe and Asia. All performance averages are based on Morningstar Europe and Asia fund categories and are quoted in US Dollars unless otherwise stated.
Highlights of third-quarter 2009 fund performance include:
• Projected net fund closures reach five percent of European-domiciled funds by year-end
• Australian & New Zealand Equity leaps to first place
• Emerging markets remain strong with funds focussed on Eastern European markets surging
• Depreciating pound lands UK fund categories behind European neighbours
• Strongest UK fund performance found in Small-Caps
• China Equity and Japan Equity funds deliver poor performance
• Real Estate Indirect Europe and Financial categories lead sector tables
• Real Estate Direct delivers worst sector performance
• Government bonds and defensives lag
Industry consolidation continued to gather pace throughout the third quarter. The universe of European-domiciled funds continued to contract, with fund closures in 2009 surpassing fund launches for the first time since the start of the credit crunch.
