Over the three months through the end of June, the fund has returned 2.64%, compared to the benchmark return of 1.84%.
Over the past 15 years, the bond fund has returned 7.39%, compared to the 6.26% return on the benchmark.
The fund has beaten 96% of its rivals so far this year, a sharp reversal from last year, when its 4.16% return trailed nearly 90% of its peers and was below the 7.84% return on the benchmark.
Result: Orbis Global's portfolio usually looks nothing like its benchmark, the FTSE World Total Return index.
The fund simply aims to track the return of a market benchmark by buying and holding the component stocks.
Since an investor is contemplating a fund or funds to be a core, long-term holding, one key measure is the 3-year, 5-year or 10-year return compared to the benchmark.
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The biggest star was the 30-year Treasury bond, which registered a 35% return, while the benchmark 10-year note gained 17%, with the yield finishing below 2% for the first time since at least 1977.
It exceeded a target set in 2010 of boosting assets from continuing operations by 5% a year, but fell well short of another benchmark that would have required a return on those assets of 1.25% to 1.5%.
Parker is successful enough at making calls--his recommendations have a 28% excess return over his industry benchmark for the last three years ended last December--but he says that fluctuating oil prices make his industry a tough one to analyze.
Box 1 represents a neutral return, meaning it is the benchmark for the other three boxes.
When reviewing your annual statement, make sure to understand exactly how return is calculated and whether the advisor is using a valid benchmark comparison for the holdings in your portfolio.
Over the five years through June 2001 the mix of stocks and bonds, managed by Alex Brown, Scudder, Franklin Templeton and others, has averaged a 10.6% return annualized, against 11.1% for ABS' Callan Customized Benchmark.
Alpha is an annualized return measure that compares the risk and reward returns of a fund to its benchmark.
The average country return during the post-conflict phase was 26.6% greater than the benchmark.
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Because there are fees to do this, the council lowered the gold return over the time period studied and used a short-term cash rate as a benchmark for the borrowing cost.
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Its five-year average annual return of 6.6% was 2.8 percentage points better than that of its benchmark, the Russell Mid Cap Value index.
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