ABOUT THIS AWARD
CAMRADATA has been analysing and distributing asset manager data to institutional investors since 2003 and celebrates those managers that have come at the very top of 45 Asset Classes across fixed income, equities and multi-asset strategies.
The CAMRADATA Awards are presented to those vehicles that have the highest IQ scores across these asset classes. The IQ reports are based purely on the performance of asset managers’ funds over the 3-year time period ending December 2022.
The CAMRADATA Independent Quantitative (IQ) scores is a ranking reflecting five statistical factors measured over a three-year period. Each factor generates a statistic, which is shown as a percentage or a number in the table. To rank products, the percentile ranking of each factor is determined and an overall master score is calculated. This is a simple average of all percentile rankings for each product across all five factors. Investment products that share the same value for a factor are assigned the same percentile rank within that factor.
The highest-scoring products appear at the top of the table. For presentational purposes, we apply a ‘unique sort’ to pick out only the best product for each manager.
The five statistical factors that make up the CAMRADATA IQ score are:
A measure of overall added value. The underlying factor is the annualised excess gross return over the benchmark.
A measure of efficiency. The Information Ratio is the return added by the asset manager for each 1% of risk being taken over the benchmark. Therefore the higher the Information Ratio, the more return being added for the 1% of risk being taken. The underlying factor is calculated by taking the excess return and dividing it by the excess risk.
A measure of the bet structure that a manager is taking. The underlying factor is calculated by taking the average positive relative returns away from the average negative relative returns. Investors use this to identify managers with a low frequency of winning but with a high payoff when a product beats the benchmark. Investors want to see that wins (positive returns) are greater than losses (negative returns), even if the wins are infrequent.
A measure of consistency. The underlying factor is the percentage of times the manager beats the benchmark. Generally, you should expect a manager with strong consistency of beating the benchmark to have a probability of beating it greater than 50%.
A measure of downside management. This measures a product’s worst observed 12-month risk-adjusted relative return. It is in effect analysing the worst Information Ratio for each product in any 12-month period during the three years being measured. More credit is given to asset managers who have had positive 12-month risk-adjusted relative returns and who took less risk to achieve it. While during a 12-month period of negative returns, more credit is given to those asset managers who took more risk, showing they were actively managing their products rather than being passive during these times.
Any rating, rankings, and awards disclosed herein may not represent investor experience with PGIM Fixed Income or PGIM Fixed Income’s products or services, nor do they constitute a recommendation of PGIM or its services. These ratings, rankings, and awards are not being used to distinguish PGIM from any competitor or to imply a higher degree of sophistication, expertise, or success than other investment advisers. These awards are based on surveys that are not limited to PGIM Fixed Income’s products or services. These awards are not indicative of past or future performance. Past performance is not a guarantee or a reliable indicator of future results. A loss of principal may occur. The description and the selection methodologies of each award are subjective and will vary. PGIM Fixed Income does not pay a fee to participate in the award survey for any of the above-listed awards, with the exception of AsianInvestor Asset Management and the Asia Asset Management awards, for which a fee is paid to participate in the survey. PGIM Fixed Income does not pay a fee to distribute the award results; however, PGIM Fixed Income does pay a fee to use the award logos displayed herein.