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Article Excerpt
Nicholas-Applegate drops domestic value equity business
SAN DIEGO - Nicholas-Applegate Capital Management is pulling the plug on its $1.3 billion domestic value equity business, confirmed spokeswoman Susan Hunter.
The firm's executive committee made a strategic decision to "focus on core strengths in the other investment strategies that we manage,'' Ms. Hunter said. Those strategies are: traditional equity, excluding value, covering U.S., global and non-U.S. equities, with $4.5 billion at year end; systematic strategies, comprising growth and core strategies across all capitalizations, $2.7 billion; and high-yield and convertible bonds, $6.3 billion.
Performance was not a factor in the decision to stop the domestic value equity strategies, Ms. Hunter said. The small-cap value equity strategy returned an annualized 17.7% for the three years ended Dec. 31, compared with 16.5% for the Russell 2000 Value index. The large-cap value strategy returned 13.7%...
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