Survival of the fittest

Drastic changes in the investment universe have compelled managers to evolve their investment style, taking on a more flexible and pragmatic approach. Now more than ever, it is important for investors to keep an eye on the bigger picture...

2009 was always going to be a challenging and unconventional year for investors. However, the biggest revelation so far in 2009 has been that some of the least obvious areas have been responsible for asset-allocation success and the standard formula for harnessing strong returns appears to no longer apply. Under normal market conditions, investment managers typically define their style as either 'value' or 'growth'. Value outperformed growth during 2008, primarily due to defensive stocks. This has reversed year to date, with growth now performing better. However, there is very little diff...