Funds from GQG, Artemis and Alger are among the best performing US equity strategies of the first quarter, according to data compiled from FE fundinfo.
After ending 2023 on a strong note with a 26.3% return, the S&P 500 index looks on track to continue its momentum this year.
The widely used benchmark index for US equities returned 10.56% during the first quarter of 2024, marking its best first quarter since 2019.
The rally appears to be more broad-based so far, unlike 2023 which saw the S&P 500 index lag the performance of the tech-heavy Nasdaq 100 index.
Out of 300 funds available for distribution in Singapore, roughly a third outperformed the S&P 500 index in the first quarter of 2024.
Below are the top 15 (representing the top 5%) best performing US equity funds for the first three months of the year, based on data from FE fundinfo*.
| Fund | Q1 Return (%) |
| GQG Partners U.S. Equity | 22.12 |
| iShares MSCI USA Momentum Factor ETF | 19.59 |
| Alger Mid Cap Focus | 16.42 |
| Artemis (Lux) US Select | 16.32 |
| Artemis (Lux) US Extended Alpha | 16.24 |
| MFS Meridian U.S. Growth | 15.82 |
| Alger Focus Equity | 15.79 |
| Alger American Asset Growth | 15.74 |
| iShares S&P Mid Cap 400 Growth ETF | 15.37 |
| Artisan US Focus | 15.32 |
| William Blair SICAV U.S. Large Cap Growth | 15.11 |
| JPM US Growth | 15.08 |
| Wellington US Dynamic Equity | 14.91 |
| Sands Capital US Select Growth Fund | 14.78 |
| MS INVF US Core Equity in US | 14.27 |
The GQG Partners US Equity fund stands out as the best performer with a 22.12% return – more than double that of the S&P 500 index.
This strategy is run by Rajiv Jain, founder of the Florida headquartered boutique investment firm, alongside Brian Kersmanc, Sudarshan Murthy and Siddharth Jain.
The firm’s investment approach is focused on finding high-quality, durable businesses that have the highest probability of compounding capital over the next five years.
It has benefited from its overweight positions in Meta, Nvidia and Eli Lilly which have continued to rally this year on the back of strong earnings.
The iShares MSCI USA Momentum Factor ETF was the second highest performer with a return of 19.59% for the first quarter.
This $10bn exchange-traded-fund (ETF) managed by BlackRock tracks large- and mid-cap US stocks that exhibit higher price momentum.
Despite underperforming in 2023 when the winning oil stocks of 2022 stagnated while technology stocks rebounded, the continued performance of tech stocks so far in 2024 has been beneficial to momentum factor investing.
Elsewhere in the list were three strategies run by one investment firm: privately owned New York City-based Alger.
A standout performer was Alger Mid Cap Focus, run by Amy Zhang with a 16.42% return for the quarter. This fund benefited from its overweight positions in Vertiv Holdings, Natera and Advanced Micro Devices.
Alger has a growth-orientated investment philosophy based on bottom-up fundamentals. It believes companies undergoing “positive dynamic change” offer the best investment opportunities.
The other two strategies were Alger Focus Equity, run by Patrick Kelly and Dr. Ankur Crawford and Alger American Asset Growth, run by the same managers alongside the firm’s CEO and CIO Dan Chung.
Another notable asset manager in the list above was UK-based fund manager Artemis, which had two US equity strategies that outperformed, both up over 16% for the quarter.
The Artemis US Select fund, run by Cormac Weldon and Chris Kent, focuses on their 40 to 60 ‘best ideas’ with growth potential.
They take a long-only flexible approach to stock-picking adjusting it based on the market cycle with the aim to perform in different market conditions.
The other strategy in the list above – Artemis US Extended Alpha – is a long/short equity fund that has 40 to 60 long ideas alongside 60 to 80 short positions.
Run by Adrian Brass, James Dudgeon and William Warren, it has benefited from its concentrated positions in Microsoft, Amazon and Nvidia.
Its short positions are not disclosed, although according to its latest factsheet its biggest sector short is in the consumer discretionary sector.
*The performance figures are based in US dollars. The data only includes funds that fall under the Singapore Mutual equity sector according to FE fundinfo data. Duplicate strategies were removed.
