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Cash Advances, iPods, Viagra, Fuel 1Q04 Returns Cash Advances, iPods, Viagra, Fuel 1Q04 Returns By Jakema Lewis | June 20, 2004 | Leads Database Key stock selections in the pharmaceutical and technology sectors served to yield outstandingreturns for the top managers listed in Nelson's MarketPlaceWeb.com first quarter rankings ofinvestment managers.
The results of the "World's Best Money Managers" ranking was based on information in Nelson'sdatabase, which analyzed the performance of 1,500 money managers and over 6,500 portfolios inmore than 200 categories and 45 investment styles.
First Wilshire Securities Management garnered the top spot in domestic smal -cap equity categoryfor its value-oriented strategy, which returned 16.66% during the first quarter. President Scott Hoodattributed the firm's success to investments in Asian-American banks and the funeral home andcemetery business.
He added that the "pay-day loan" sector also proved to be a boon for First Wilshire. The less-than-traditional investment vehicle-which al ows cash-strapped individuals to apply to banks for advanceloans on their paychecks-has been rewarding, said Hood.
"It's one of those industries that you don't think of until you see that it's a pretty good businessmodel," he said.
"We don't look at trends," Hood explained. "We're stock pickers. We're not focused on quarter-to-quarter. Our experience in smal - and micro-cap equities set us apart. The investment professionalshave been here for 10-plus years. We visit our companies and do extensive research." Steve Coleman, portfolio manager at Daedalus Capital, echoed Hood's sentiment, agreeing thatresearch is the key to lucrative results.
"It's truly a stock pickers environment," he said. "It's the way that great investors have always done it.
You have to take the emotion out of it. You can't be precise anyway. You have to be able to guessthat a company's profits wil change positively." Daedalus ranked number one in the first quarter for U.S. growth and value, returning 15.39% "Wedon't give credence to the [growth and value] designations. If you look at the numbers, we would beconsidered large-cap, but value stocks become growth and growth stocks become value," heexplained. "There are extreme behaviors that make these valuations useless to us. We're styleagnostic." www.mandatepipeline.com/issues/20040620/135383-1.html?zkPrintable=true Cash Advances, iPods, Viagra, Fuel 1Q04 Returns Daedalus credits Apple Computers' iPod profits and holdings in Corning, Inc., as major first quarterboosters for the firm. However, its true moneymaker was seen in the telecommunications sector,said Coleman.
"I think what made our first quarter powerful was the AT&T wireless buy," he said.
"When it was bought out, that was a big one for us," he said.
For Copenhagen Capital Management, the pharmaceutical industry, particularly in the area ofvirility, helped the firm to gain the top slot for U.S. large-cap equity. With returns of 37% in the firstquarter, Managing Director Frank Purland said holdings in Lipitor and Viagra were key for thereturns in the sector.
Despite the success of these age-defying drugs, Purland says the firm has decreased the numberof stocks al ocated to the prescription drug business.
"We have remarkably reduced our pharma-shares, since we are worried about the patent-expiry in2005-2006, which would amount to less than $16 bil ion for the industry," he said.
According to the data, other money managers who fared wel during the quarter includefd ProspectAsset Management, which was named the best overal international equity manager and AshmoreInvestment Management, which earned the title of best international fixed-income manager in thefirst quarter.
2012 Investment Management Weekly and SourceMedia, Inc. All rights reserved. SourceMedia is an Investcorpcompany. Use, duplication, or sale of this service, or data contained herein, is strictly prohibited.
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