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January 31st, 2020

Top Tax-Exempt Assets Gained in 2019

By Scott Treacy, CFA

2019 Tax-Exempt Assets Gained

Investment Metrics is excited to publish the top tax-exempt asset gainers for 2019. Additionally, our research team broke down the reported assets gained by investment segment. A total of $157B of tax-exempt assets gained were reported to the Investment Metrics Global database over 600 mandates. 54% of those reported assets went to active equity managers as opposed to active fixed managers.

This is surprising because we’ve heard many institutional investors express trepidation with the current equity market. US large-cap equity mandates lead the way taking 29% of the $86B going to active equity managers. The global large-cap segment collected 26% of the total equity assets gained. Of note on the equity side, only two of the top gainers were quantitative managers, suggesting there may be a shift back to more fundamental managers. Alternatively, on the fixed income side US active managers gathered $53B in 2019. Fidelity was very successful with their Broad Market Duration portfolio.

Top Gainers by Asset Class - 2019

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