The Aapryl Quarterly Market Insight offers a lens on how active managers in general performed in various markets and sub-segments. Using Aapryl’s proprietary methodology, we measure manager skill by using the manager’s static clone (long term factor profile) as a measure of skill instead of the broad market benchmark. Manager skill is calculated by using the manager’s raw return less their static clone return.
The 2nd quarter of 2026 reversed the Value leadership seen in the prior quarter, with Growth styles taking center stage for median managers. Emerging Market Large Cap Aggressive Growth led all peer medians at +5.76%, followed by U.S. Small Cap Aggressive Growth at +5.31% and Emerging Market Large Cap Core Growth at +3.11%. The weakest peer medians were concentrated in Aggressive Value: Global Large Cap Aggressive Value at -6.50%, U.S. Large Cap Aggressive Value at -4.48%, and Non-U.S. Large Cap Aggressive Value at -2.67%.
Below are the top three winners and bottom three losers based on the performance of their respective peer group medians:
| Equity Winners | Equity Losers | |
| 1 | Emerging Market Large Cap – Aggressive Growth (+5.76%) | Global Large Cap – Aggressive Value (‑6.50%) |
| 2 | U.S. Small Cap – Aggressive Growth (+5.31%) | U.S. Large Cap – Aggressive Value (‑4.48%) |
| 3 | Emerging Market Large Cap – Core Growth (+3.11%) | Non-U.S. Large Cap – Aggressive Value (‑2.67%) |
Aapryl Peer Group Manager Skill Performance Matrix
Peer Median Manager Skill | Quarter Ending 6/30/2026
| Style | US Large | US Small | Non-US Large | Non-US Small | EM Large | Global Large |
| Relative Value | ‑1.99% | +0.60% | ‑0.66% | ‑1.57% | ‑0.95% | ‑1.24% |
| Aggressive Value | ‑4.48% | ‑1.18% | ‑2.67% | ‑1.71% | +0.39% | ‑6.50% |
| Core Growth | +0.59% | +1.53% | ‑0.87% | ‑0.30% | +3.11% | ‑1.77% |
| Aggressive Growth | +3.03% | +5.31% | ‑1.14% | +1.01% | +5.76% | +1.22% |
| High Quality Blend | ‑0.60% | +1.14% | ‑0.57% | ‑0.38% | ‑0.27% | ‑1.21% |
| GARP | ‑0.05% | +0.87% | +0.23% | ‑1.11% | +1.24% | ‑0.95% |
The performance spread between the top and the bottom quartile within each Aapryl peer group varied widely this quarter. The biggest top versus bottom quartile dispersion was concentrated in Aggressive Value and Aggressive Growth, with Global Large Cap Aggressive Value at +15.45%, U.S. Large Cap Aggressive Growth at +14.25%, and Global Large Cap Aggressive Growth at +13.57%. The narrowest spread occurred in Non-U.S. Small Cap Aggressive Value at +1.81%.
Top Quartile vs. Bottom Quartile
Quarter Ending 6/30/2026
| Style | US Large | US Small | Non-US Large | Non-US Small | EM Large | Global Large |
| Relative Value | +6.39% | +4.05% | +4.58% | +3.05% | +8.50% | +6.40% |
| Aggressive Value | +9.36% | +4.90% | +5.33% | +1.81% | +11.30% | +15.45% |
| Core Growth | +7.28% | +5.63% | +4.40% | +5.00% | +5.64% | +8.68% |
| Aggressive Growth | +14.25% | +10.17% | +6.49% | +6.19% | +5.76% | +13.57% |
| High Quality Blend | +5.80% | +4.97% | +3.02% | +2.86% | +7.39% | +4.30% |
| GARP | +4.97% | +4.71% | +5.30% | +7.33% | +7.40% | +4.67% |
Note: N/A means fewer than 10 products have reported at the time of publication.
Fixed Income Manager Performance During the Quarter
Active managers in Fixed Income continue to show meaningful performance differences between top and bottom quartile managers. The highest spread this quarter was in EM Bonds Moderate Duration at +1.61%, while Short Term Investment Grade Short Term had the lowest spread at +0.20%. Global Bonds Moderate Low Risk median managers performed the best with +0.46%, while Short Term Investment Grade Moderate and Short Term Investment Grade Short Term both performed the worst with a -0.03% median return.
Quarter Ending 6/30/2026
| Peer Group | Duration | Spread Risk | Median | Spread |
| Core Plus | Moderate | High Risk | +0.04% | +0.26% |
| Core Plus | Short Term | High Risk | +0.12% | +0.42% |
| Core Plus | Moderate | Low Risk | +0.20% | +0.41% |
| Core Plus | Short Term | Low Risk | +0.15% | +0.30% |
| Core | Moderate | All | +0.02% | +0.23% |
| Core | Short Term | All | ‑0.01% | +0.21% |
| MBS | All | All | +0.07% | +0.32% |
| Bank Loans | All | All | +0.03% | +0.50% |
| High Yield | Long Term | All | +0.11% | +0.52% |
| High Yield | Moderate | All | +0.12% | +0.57% |
| High Yield | Short Term | All | +0.28% | +0.51% |
| US Corporate | Long Term | All | +0.06% | +0.36% |
| US Corporate | Moderate | All | +0.06% | +0.30% |
| US Corporate | Short Term | All | +0.04% | +0.23% |
| Short Term Investment Grade | Moderate | All | ‑0.03% | +0.25% |
| Short Term Investment Grade | Short Term | All | ‑0.03% | +0.20% |
| Global Bonds | Long Term | All | +0.32% | +0.89% |
| Global Bonds | Short Term | All | +0.30% | +1.33% |
| Global Bonds | Moderate | High Risk | +0.27% | +0.74% |
| Global Bonds | Moderate | Low Risk | +0.46% | +1.04% |
| EM Bonds | Long Term | All | +0.23% | +0.81% |
| EM Bonds | Moderate | All | +0.12% | +1.61% |
| EM Bonds | Short Term | All | N/A | N/A |
Note: N/A means fewer than 10 products have reported at the time of publication.
Copyright © 2026 Aapryl LLC. All rights reserved.
