European equities

EURO STARS TOP FUND MANAGERS JUNE 2014 THE GUIDE TO EUROPE’S TOP FUND MANAGERS THE GUIDE TO EUROPE’S JUNE 2014 European equities: Come rain or shine. While the forecast for European equities appears positive, the potential for headwinds remains. Our Capital International European Growth and Income fund is a core approach that has weathered the storm of European equities consistently over the last 12 years. Capital International European Growth and Income: top decile results across a range of time periods 5KPEGVJG [GCT [GCT [GCT DGIKPPKPIQH [GCT CPPWCNKUGF CPPWCNKUGF CPPWCNKUGF 1st quartile 3.2% 1st quartile 20.1% 1st decile 13.4% 1st decile 19.0% 1st decile 7.5% 4GUWNVUHQT%CRKVCN+PVGTPCVKQPCN'WTQRGCP)TQYVJCPF+PEQOGCTGSWQVGFCHVGTHGGUUJCTGENCUU:KPGWTQUCUCV /CTEJ5QWTEG/QTPKPIUVCT&KTGEV2CUVRGTHQTOCPEGKUPQVKPFKECVKXGQTCIWCTCPVGGQHHWVWTGEJCPIG YKVJVKOG6JGXCNWGQHKPXGUVOGPVUCPFKPEQOGECPƃWEVWCVGCPFKPXGUVQTUOC[PQVTGEQWRVJGKPXGUVOGPV 6QƂPFQWVOQTGCDQWVQWT%CRKVCN+PVGTPCVKQPCN'WTQRGCP)TQYVJCPF +PEQOGHWPFEQPVCEVWUQP'7GPSWKTKGU"VJGECRKVCNITQWREQO thecapitalgroup.com/emea/EGI X class (EUR) ISIN: LU0157028696 FOR INVESTMENT PROFESSIONALS ONLY Source & Copyright: Citywire. Mark Denning and L. Alfonso Barroso are ÀA’ rated by Citywire for their 3 year risk-adjusted performance for the period 30th April 2011 - 30th April 2014. This material, issued by Capital International Management Company Sàrl (CIMC), 37 avenue J.F. Kennedy, L-1855 Luxembourg, is distributed for information purposes only. CIMC is regulated by the Commission de Surveillance du Secteur Financier (CSSF – Financial Regulator of Luxembourg) and manages the fund which is a sub-fund of Capital International Fund (CIF). This fund is organised as an investment company with variable capital under the laws of the Grand Duchy of Luxembourg and authorised by the CSSF as a UCITS. All information is as of the date indicated unless otherwise stated and is subject to change. r6JGXCNWGQHUJCTGUCPFKPEQOGHTQOVJGOECPIQFQYPCUYGNNCUWRCPF[QWOC[NQUGUQOGQTCNNQH[QWTKPKVKCNKPXGUVOGPV r2CUVTGUWNVUCTGPQVCIWKFGVQHWVWTGTGUWNVU r+HVJGEWTTGPE[KPYJKEJ[QWKPXGUVUVTGPIVJGPUCICKPUVVJGEWTTGPE[KPYJKEJVJGWPFGTN[KPIKPXGUVOGPVUQHVJGHWPFUCTGOCFGVJGXCNWGQH[QWTKPXGUVOGPVYKNNFGETGCUG r6JG2TQURGEVWUCPF-G[+PXGUVQT+PHQTOCVKQP&QEWOGPVUGVQWVCFFKVKQPCNTKUMUYJKEJFGRGPFKPIQPVJGHWPFOC[KPENWFGTKUMUCUUQEKCVGFYKVJKPXGUVKPIKPGOGTIKPIOCTMGVUCPFQTJKIJ[KGNFUGEWTKVKGU 6JGRTQXKUKQPQHVJKUOCVGTKCNCPFQTTGHGTGPEGVQURGEKƂEUGEWTKVKGUUGEVQTUQTOCTMGVUYKVJKPVJKUOCVGTKCNFQGUPQVEQPUVKVWVGKPXGUVOGPVCFXKEGQTCTGEQOOGPFCVKQPQTCPQHHGTVQDW[QTVQUGNNCP[UGEWTKV[QTCPQHHGTQHUGTXKEGU6JGCPCN[UGU opinions, and certain of the investment themes and processes referenced herein represent the views of the portfolio manager(s) as of the date indicated. These, as well as the portfolio holdings and characteristics shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material. This material may not be distributed, published, or reproduced, in whole or in part. © 2014 Capital International Management Company Sàrl. All rights reserved. INTRODUCTION WELCOME TO CITYWIRE EURO STARS Welcome to this, our eighth edition of Euro Stars. What a difference six months makes! This issue we’ve seen a big shift in the leader boards with 14 fresh faces taking the top spots across the 20 sectors we cover in this fund manager extravaganza. From global bonds to US equities, there has been a changing of the guard in a host of key asset classes, read on to find out who has stolen a march on their rivals in 2014. In the current investment environment, it clearly pays to think out of the box. But Euro Stars is not just about identifying new talent, there’s also a crop of managers that have been rated consistently since our very first publication. To obtain a Euro Stars rating, managers must not only display strong risk-adjusted returns but must also be running funds that are registered for sale in at least three of the countries our analysis covers. From go-anywhere bond funds to multi-asset maestros, asset classes are evolving, this publication will help your fund selection do the same. Amy Williams Editor, Citywire Global METHODOLOGY Ţ The Citywire Euro Stars badge is a derivative of the information ratio, called the Manager Ratio, which uses a benchmark applied at the fund level in-house by Citywire and considers all the eligible funds that an individual runs. Ţ The Euro Stars badge is based on monthly three-year performance data to the end of February 2014. Ţ In order to be eligible, a manager must be active for a minimum of two-and-a-half years within the period above and be active at the end of the period. The manager must also be managing a fund that is registered for sale in at least three of the countries as follows: UK, Ireland, Luxembourg, Austria, France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, Belgium, Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Poland, Portugal, Cyprus, Gibraltar, Guernsey, Isle Of Man, Jersey, Liechtenstein, Malta. Ţ Performance is calculated based upon total returns, priced at bid to bid, with income re-invested at the ex-dividend date. Ţ Once the eligibility criteria above are met the top 250 managers ranked by Manager Ratio are awarded a Euro Star badge. EURO STARS 3 INTRODUCTION $0/5&/54 EQUITIES 6 Spanning all corners of the globe and registered for sale in your market, here are the fund managers delivering strong risk-adjusted returns in equities. '*9&%*/$0.& Old and new collide as we showcase the fund managers posting strong risk-adjusted returns in a hugely expanded asset class. .*9&%"44&54 Blending the best opportunities from a combination of asset classes, here are the fund managers creating the right mix at the right time. EURO STARS 5 6 EURO STARS EQUITIES CITYWIRE SECTOR Asia Pacific Equities 19 Commodities 22 Emerging Market Country Equities 22 Emerging Market Equities 26 European Country Equities 31 European Equities 32 Global Equities 44 Latin America Equities 50 North America Equities 50 Thematic Equities 52 UK Equities 54 Funds investing in the Asian equity region, or in Asia’s developed countries. Funds investing in either the listed companies that mine or refine hard commodities or invest in these resources directly. Funds investing in equities or other equity funds in individual emerging market countries. Spanning all corners of the globe and registered for sale in your market, here are the fund managers delivering strong riskadjusted returns in equities Funds investing in emerging markets across the world or separated by regions such as Eastern Europe and MENA. Funds investing in specific developed countries in Europe. Funds investing in companies of various capitalisations and from a range of areas, including across the continent, just the eurozone and excluding the UK, all the way through to smaller companies. Funds with a global remit investing in equities. Funds investing across Latin America or in the equity markets of Chile and Mexico. Funds investing at least 80% of their assets in North American equity markets. Funds investing in companies operating in specific industry sectors. Funds investing in the UK equity market. EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Allan Christensen 1.173 Carnegie Asset Management Carnegie WorldWide/Asien Equity - Asia Pacific Excluding Japan Taeko Setaishi 1.105 Atlantis Investment Management Atlantis Japan Opportunities Equity - Japan Ian Heslop 0.956 Old Mutual Global Investors Old Mutual Asia Pacific A Acc Old Mutual Japanese Equity A Acc Equity - Asia Pacific Excluding Japan Equity - Japan Jorry Rask Nøddekær 0.940 Nordea Nordea 1 - Asian Focus Equity BP USD Equity - Asia Pacific Excluding Japan Andrew Swan 0.931 BlackRock BGF Asean Leaders A2 USD BGF Asian Growth Leaders A2 USD BlackRock Asia A Acc BGF Asian Dragon Q2 USD BGF Pacific Equity A2 USD Equity - ASEAN Equity - Asia Pacific Excluding Japan Equity - Asia Pacific Excluding Japan Equity - Asia Pacific Excluding Japan Equity - Asia Pacific Including Japan David Gait 0.920 First State First State Asia Pacific Sustainability A GBP Acc Equity - Asia Pacific Excluding Japan Amadeo Alentorn 0.900 Old Mutual Global Investors Old Mutual Asia Pacific A Acc Old Mutual Japanese Equity A Acc Equity - Asia Pacific Excluding Japan Equity - Japan Mike Servent 0.900 Old Mutual Global Investors Old Mutual Asia Pacific A Acc Old Mutual Japanese Equity A Acc Equity - Asia Pacific Excluding Japan Equity - Japan John Pinkel 0.875 Indus Capital Advisors Indus Select Asia Pacific B USD Acc Equity - Asia Pacific Including Japan ASIA PACIFIC EQUITIES EURO STARS 7 EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR M. Campbell Gunn 0.782 Dale Nicholls 0.761 T Rowe Price T Rowe Japanese Equity I EUR Equity - Japan Fidelity Worldwide Investments Fidelity Funds - Pacific A-USD Tadao Minaguchi Equity - Asia Pacific Including Japan 0.749 Invesco Invesco Japanese Equity Advantage A Acc JPY Equity - Japan Scott McGlashan 0.748 J O Hambro Capital Management JOHCM Japan B GBP Equity - Japan Ruth Nash 0.748 J O Hambro Capital Management JOHCM Japan B GBP Equity - Japan Max Godwin 0.723 M&G M&G Japan Smaller Companies A Inc Eastspring Investments-Japan Smaller Companies A Equity - Japanese Small & Med Companies Equity - Japanese Small & Med Companies Nicholas Price 0.723 Fidelity Worldwide Investments Fidelity Funds - Inst Japan Aggressive I-ACC-JPY Equity - Japan Chris Taylor 0.683 Neptune Neptune Japan Opportunities A Acc GBP Equity - Japan Marcel Zimmermann 0.657 Lemanik Lemanik Sicav Asian Opportunity Cap R EUR Equity - Asia Pacific Including Japan Rory Dickson 0.655 Coupland Cardiff CC Asian Evolution USD Equity - Asia Pacific Excluding Japan Yoshimi Hashimoto 0.624 Fidelity Worldwide Investments Fidelity Inst Japan Acc Fidelity Global Invt-Mkt Invt-Japanese Equity A Equity - Japan Equity - Japan Martin Lau 0.621 First State First State Dividend Advantage SGD First State Asian Equity Plus I (Distributing) First State Hong Kong Growth III Equity - Asia Pacific Excluding Japan Equity - Asia Pacific Excluding Japan Equity - Hong Kong Elizabeth Soon 0.606 PineBridge Pinebridge Global Funds - Asia ex Japan SmCp Eq Y Equity - Asia Pacific Small & Med companies Richard Kaye 0.598 Comgest Comgest Growth Japan Yen Comgest Japan Equity - Japan Equity - Japanese Small & Med Companies Alistair Thompson 0.584 First State First State Asian Growth II First State Asia Pacific Select III First State Asian Growth SGD Old Mutual Pacific Equity A USD First State Singapore Growth SGD First State Singapore & Malaysia Growth I Equity - Asia Pacific Excluding Japan Equity - Asia Pacific Excluding Japan Equity - Asia Pacific Excluding Japan Equity - Asia Pacific Excluding Japan Equity - Malaysia/Singapore Equity - Malaysia/Singapore Rajendra Nair 0.579 JP Morgan JPMorgan Eastern Smaller Companies (acc) - USD Equity - Asia Pacific Small & Med companies Shunsuke Matsushima 0.564 BNP Paribas Investment Partners PARVEST Equity Japan Small Cap C C JPY Equity - Japanese Small & Med Companies Dean Cashman 0.544 M&G M&G Japan A Inc Eastspring Investments-Japan Dynamic D Equity - Japan Equity - Japan 0.794 RobecoSAM AG RobecoSAM Smart Materials Fund B Equity - Natural Resources COMMODITIES Pieter Busscher EMERGING MARKET COUNTRY EQUITIES Scott Piper 1.309 Itau Asset Management Itau Europa Lux SICAV Itau Brazil Equity I Cap Equity - Brazil Kristofer Barrett 1.159 Swedbank Robur Swedbank Russian Equity Fund - E-unit Swedbank Robur Rysslandsfond Equity - Russia Equity - Russia Elena Lovén 1.132 Swedbank Robur Swedbank Robur Rysslandsfond Swedbank Russian Equity Fund - E-unit Equity - Russia Equity - Russia Fredrik Colliander 0.998 Carnegie Fonder AB Carnegie Rysslandsfond Equity - Russia Manish Bhatia 0.948 Schroders Schroder ISF Indian Equity A Acc Equity - India Raymond Ma 0.936 Fidelity Worldwide Investments Fidelity China Consumer A Acc Fidelity Funds - Greater China A-USD (SGD) Fidelity Funds - China Consumer A-ACC-USD Equity - Greater China Equity - Greater China Equity - Greater China Andrew Swan 0.931 BlackRock BGF China A2 USD BGF India A2 USD Equity - China Equity - India David Gait 0.920 First State First State Indian Subcontinent A GBP Acc First State Indian Subcontinent II First State Regional India SGD Equity - India Equity - India Equity - India Jose Baltieri 0.828 Bradesco Bradesco Global Fds-Brazilian Eq Mid Sm Caps USD I Equity - Brazil 8 EURO STARS Understanding Emerging Markets is far simpler if that’s where you begin. Headquartered in Cape Town, the Coronation Group has a 20-year investment track record in emerging markets. Our Global Emerging Markets Strategy1 has beaten the MSCI Emerging Markets Index2 by 5.9% per annum since July 2008. To find out more call us on +44 (0) 207 389 8840 or visit www.coronation.com 200 180 160 140 Composite1 Return 7.7% p.a. Benchmark Return 1.8% p.a. Outperformance 5.9% p.a. (million) 120 100 80 60 40 20 Coronation Global Emerging Markets Composite1 Feb ‘14 Mar ‘14 Oct ‘13 Jun ‘13 Feb ‘13 Oct ‘12 Jun ‘12 Feb ‘12 Oct ‘11 Jun ‘11 Feb ‘11 Oct ‘10 Jun ‘10 Feb ‘10 Oct ‘09 Jun ‘09 Feb ‘09 Oct ‘08 Jun ‘08 0 MSCI Emerging Markets Index2 Performance in USD for periods ending 31 March 2014 Best Large Fund House 2014 Morningstar South Africa Awards. This advertisement is for professional clients only. It should not be distributed to or relied on by retail clients. Past performance is not a reliable indicator of future results. Investments may go down as well as up and investors may not get back the amount originally invested. Issued by Coronation International Limited (“CIL”), which is authorised and regulated by the Financial Conduct Authority of the United Kingdom. [1] The Coronation Global Emerging Markets Composite (the “Composite”) is an asset-weighted composite reflecting the performance of funds and/or accounts managed by an affiliated company of CIL and sharing the same fundamental investment philosophy, being that of a long-term, valuation-driven investment house with a bottom-up stock selection approach. Performance of the Composite is presented net of management fees, performance fees and estimated expenses based on an approximation of the total fees and expenses applicable for the funds/accounts on an asset-weighted basis. As of 31 March 2014, the Composite consisted of three funds and one hundred and thirty seven accounts. [2] The MSCI Emerging Markets Index is a free float-adjusted market capitalisation index that is designed to measure equity market performance in the global emerging markets. This advertisement is for information only and does not constitute any advice or recommendation with respect to any securities or other financial instruments. It expresses no views as to the suitability of the investment strategy described herein to the individual circumstances of any person. All information in it is subject to change without notice. Nothing in this advertisement constitutes an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR André Caminada 0.670 Victoire Brasil Investimentos VICtoire Selection Acoes FI Victoire Brasil Investments Fund I USD Victoire Dividendos FIA Equity - Brazil Equity - Brazil Equity - Brazil Vladimir Tsuprov 0.649 Alfred Berg Alfred Berg Ryssland Absalon Invest Rusland Equity - Russia Equity - Russia Anna Väänänen 0.636 Credit Suisse Asset Management Credit Suisse (Lux) Equity Russia Fd B USD Equity - Russia Martin Lau 0.621 First State New Era PRC Fund First State China Growth II First State Greater China Growth I Acc USD First State Regional China SGD First State Greater China Growth A GBP Acc Equity - China Equity - China Equity - Greater China Equity - Greater China Equity - Greater China Elizabeth Soon 0.606 PineBridge Pinebridge Global Funds - India Equity A Equity - India Rajendra Nair 0.579 JP Morgan JPMorgan India Smaller Companies (acc)-USD JPMorgan India (acc)-USD JPMorgan India A Dis USD Equity - India Equity - India Equity - India Olga Karakozova 0.542 Danske Fund Management Company Danske Invest Russia A Equity - Russia Equity - Global Emerging Markets EMERGING MARKET EQUITIES Kristofer Barrett 1.159 Swedbank Robur Swedbank Robur Global Emerging Markets Joel Kukemelk 1.048 LHV LHV Persian Gulf Fund A Equity - Middle East & North Africa Matt Linsey 1.030 GAM GAM Star North of South EM Equity Inst USD Acc Equity - Global Emerging Markets Gavin Joubert 0.958 Coronation Coronation Global Emerging Markets A Coronation Global Emerging Markets Flexible Equity - Global Emerging Markets Equity - Global Emerging Markets Jorry Rask Nøddekær 0.940 Nordea Nordea 1 Emerging Markets Focus Equity BP USD Nordea 1 - Emerging Stars Equity Fund BP USD Equity - Global Emerging Markets Equity - Global Emerging Markets Charles Biderman 0.932 Comgest Comgest Growth Emerging Markets Flex EUR I Acc Equity - Global Emerging Markets Jonathan Asante 0.921 First State First State Global Emerging Markets A GBP Acc First State Global Emerging Markets Leaders III First State Global Emerging Markets Select III First State Global Em Mkts Leaders A GBP Acc St James's Place Global Emerging Markets Acc First State GEM Leaders SGD Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets David Gait 0.920 First State First State Gbl Emer Mkts Sustainability A GBP Acc Equity - Global Emerging Markets Gary Greenberg 0.877 Hermes Investment Management Hermes Global Emerging Markets Z GBP Acc Equity - Global Emerging Markets Thierry Misamer 0.871 Frankfurt-Trust FT Emerging ConsumerDemand (P) Equity - Emerging Markets Other Tilo Wannow 0.871 Frankfurt-Trust FT Emerging ConsumerDemand (P) Equity - Emerging Markets Other Gus Robertson 0.824 ING Investments ING Emerging Europe Fund Equity - Eastern Europe Malek Bou-Diab 0.820 Bellevue Asset Management Bellevue F (Lux) BB African Opportunities B EUR Equity - Emerging Markets Other Mark Frielinghaus 0.770 QUONIAM ASSET MANAGEMENT Quoniam Fd Sel. SICAV - EM Eq. MinRisk EUR Equity - Global Emerging Markets Vafa Ahmadi 0.750 CPR Asset Management CPR Europe Nouvelle P Equity - Eastern Europe Clement Maclou 0.750 CPR Asset Management CPR Europe Nouvelle P Equity - Eastern Europe Nick Price 0.746 Fidelity Worldwide Investments Fidelity EMEA Acc 1 Fidelity Nikko Glo Sel-Em EU,ME and Africa Adv A Fidelity Funds - Inst Emer Markets Eq I-ACC-USD Fidelity FAST Emerging Markets A-ACC-USD Fidelity Emerging Markets Acc Fidelity Funds - Emerging Markets A-USD Fidelity Emerging Europe MiddleEast & Africa Y Acc Fidelity Funds - Em Eu M East and Afr A-ACC-USD Equity - Emerging Markets Other Equity - Emerging Markets Other Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Middle East & North Africa Dean Newman 0.739 Invesco Invesco Perpetual Emerging Countries Acc Invesco Emerging Markets Equity USD A Equity - Global Emerging Markets Equity - Global Emerging Markets Paul Psaila 0.715 Morgan Stanley Morgan Stanley Emer Eu M East & Africa Eq A EUR Equity - Middle East & North Africa 10 EURO STARS EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Eric Carlson 0.715 Morgan Stanley Morgan Stanley Emer Eu M East & Africa Eq A EUR Equity - Middle East & North Africa Jeff Urbina 0.713 William Blair William Blair SICAV Emerging Market Leaders A William Blair SICAV Emerging Markets Growth I Equity - Global Emerging Markets Equity - Global Emerging Markets Todd McClone 0.713 William Blair William Blair SICAV Emerging Markets Growth I William Blair SICAV Emerging Market Leaders A Equity - Global Emerging Markets Equity - Global Emerging Markets Kristel Kivinurm 0.708 Avaron Asset Management Avaron Emerging Europe Fund A Equity - Eastern Europe Nick Langley 0.692 RARE Infrastructure RARE Emerging Markets G GBP Equity - Global Emerging Markets Richard Elmslie 0.692 RARE Infrastructure RARE Emerging Markets G GBP Equity - Global Emerging Markets Mehis Raud 0.667 AS TRIGON Trigon New Europe Fund A Unit Trigon New Europe Growth Fund EUR Equity - Eastern Europe Equity - Eastern Europe Malcolm Gray 0.654 Investec Investec GSF Africa Opportunities A Acc Gross USD Danske Invest Afrika - Akk, kl DK Equity - Emerging Markets Other Equity - Emerging Markets Other Valdur Jaht 0.634 Avaron Asset Management Avaron Emerging Europe Fund A Equity - Eastern Europe Peter Priisalm 0.634 Avaron Asset Management Avaron Emerging Europe Fund A Equity - Eastern Europe Cornelis Vlooswijk 0.633 Robeco Robeco Afrika Fonds Equity - Emerging Markets Other Kathryn Langridge 0.596 Jupiter Jupiter Global Emerging Markets Ret Acc Equity - Global Emerging Markets Rajendra Nair 0.579 JP Morgan JPMorgan Asia New Frontiers (acc) - USD Equity - Emerging Markets Asia Dhiren Shah 0.549 BlackRock BlackRock Emerging Markets A Inc BGF Emerging Markets A2 USD BGF Emerging Markets Equity Income A2 USD Equity - Global Emerging Markets Equity - Global Emerging Markets Equity - Global Emerging Markets Vincent Lagger 0.544 Swiss & Global Asset Management Julius Baer EF Asia Focus USD B Equity - Emerging Markets Asia Jian Shi Cortesi 0.544 Swiss & Global Asset Management Julius Baer EF Asia Focus USD B Equity - Emerging Markets Asia Will Ballard 0.537 Aviva Investors Aviva Investors Emerging Europe Equity A Equity - Eastern Europe EUROPEAN COUNTRY EQUITIES Luigi Degrada 1.497 Fideuram Ailis Equity Italy Fund Fideuram Fund Equity Italy Interfund Equity Italy Fonditalia Equity Italy R Fideuram Italia Equity - Italy Equity - Italy Equity - Italy Equity - Italy Equity - Italy Stefano Andreani 1.155 Credit Suisse Asset Management Credit Suisse Equity (Lux) Italy B Equity - Italy Massimo Trabattoni 1.070 Lemanik Lemanik Sicav High Growth Cap R EUR Equity - Italy Isaac Chebar 1.022 DNCA Finance DNCA Invest Italian Opportunities I Equity - Italy Plinio Zanetti 0.951 Credit Suisse Asset Management Credit Suisse Equity (CH) Swiss Small Cap Equity A Equity - Switzerland Small & Med Cos Eve Bouard 0.810 BNP Paribas Investment Partners BNP Paribas MidCap France D Equity - France Small & Med Companies Friedrich Erhart 0.746 Pioneer Investments Pioneer Funds Austria - Austria Stock A Equity - Austria Felix Meier 0.743 Credit Suisse Asset Management Credit Suisse Equity (Lux) Small&Mid Cap Germany B Equity - German Small & Medium Cos Bertrand Puiffe 0.698 Fidelity Worldwide Investments Fidelity Funds - Nordic A-SEK Equity - Nordic Alberto Chiandetti 0.686 Fidelity Worldwide Investments Fidelity Funds - Italy A-EUR Fidelity Funds - Switzerland A-CHF Equity - Italy Equity - Switzerland Albert Collett 0.606 Arctic Asset Management Arctic Norwegian Equities I Equity - Norway Jörg Philipsen 0.603 UBS Global Asset Management UBS (D) Equity Fund - Mid Caps Germany UBS (Lux) Equity Sicav - German High Div (EUR) P-a Equity - German Small & Med Companies Equity - Germany Guido Crivellaro 0.581 Symphonia SGR Symphonia Selezione Italia Symphonia Lux - Azionario Best Selection Synergia Azionario Italia Equity - Italy Equity - Italy Equity - Italy Gilles Guibout 0.569 AXA Investment Managers AXA WF Framlington Italy AC Equity - Italy Catarina Ferreira 0.548 Banco BPI BPI Poupanca Accoes PPA BPI Portugal Equity - Portugal Equity - Portugal EURO STARS 11 EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR EUROPEAN EQUITIES Martin Walker 1.790 Invesco Invesco Pan European Equity A Acc EUR Invesco Pan European Focus Equity E Acc EUR Equity - Europe Equity - Europe Dean Tenerelli 1.465 T Rowe Price T Rowe European Equity I EUR T Rowe European Ex-UK Equity I EUR Equity - Europe Equity - Europe Excluding UK John Surplice 1.304 Invesco Invesco Pan European Focus Equity E Acc EUR Invesco Pan European Equity A Acc EUR Equity - Europe Equity - Europe Christian Diebitsch 1.298 Seilern Investment Management Stryx Europa EUR F Equity - Europe Sam Cosh 1.284 F&C F&C European Small Cap A EUR Equity - European Small & Med companies Oliver Kelton 1.243 Waverton Waverton European B EUR Equity - Europe John Bennett 1.220 Henderson Global Investors Henderson Gartmore Pan European I EUR Acc Henderson European Focus Ret Acc Henderson Gartmore Continental European I EUR Acc Henderson European Selected Opps Ret Acc Equity - Europe Equity - Europe Excluding UK Equity - Europe Excluding UK Equity - Europe Excluding UK Steve Cordell 1.132 Schroders Cazenove Pan Europe B EUR Cazenove European Equity (ex UK) B EUR Cazenove European X Acc Equity - Europe Equity - Europe Excluding UK Equity - Europe Excluding UK John Baker 1.025 JP Morgan JPM Europe Dynamic A Dis EUR JPM Europe Dynamic ex-UK A Acc JPM Euroland Dynamic A Acc EUR Equity - Europe Equity - Europe Excluding UK Equity - EuroZone Willem Vinke 1.024 EI Sturdza Strategic Management Strategic Europe Value Fund Equity - Europe Isaac Chebar 1.022 DNCA Finance DNCA Invest Value Europe I DNCA Value Europe C Equity - Europe Equity - Europe Jonathan Ingram 1.015 JP Morgan JPM Europe Dynamic A Dis EUR JPM Europe Dynamic ex-UK A Acc JPM Euroland Dynamic A Acc EUR Equity - Europe Equity - Europe Excluding UK Equity - EuroZone Roger Morley 0.954 MFS MFS Meridian Funds European Core Equity A1 EUR Equity - Europe Nick Davis 0.934 Threadneedle Threadneedle Pan European Eq Div Inst Net Inc GBP Threadneedle Investment Fund II Eu(exUK)GrGrp Threadneedle European Retail Net Acc GBX Equity - Europe Equity - Europe Excluding UK Equity - Europe Excluding UK Franz Weis 0.914 Comgest Comgest Growth Greater Europe Opps Euro Comgest Growth Europe Euro Renaissance Europe C Comgest Europe Spaengler Quality Growth Europe RT Equity - Europe Equity - Europe Equity - Europe Equity - Europe Equity - Europe Feras Al-Chalabi 0.908 Odey Odey Allegra European EUR CF Odey Continental European Acc Equity - Europe Equity - Europe Excluding UK Roderick Jack 0.906 Adelphi Adelphi European Select Equity D EUR Acc Equity - Europe Marcel Jongen 0.906 Adelphi Adelphi European Select Equity D EUR Acc Equity - Europe Alice Gaskell 0.898 BlackRock BGF European Equity Income A2 EUR BlackRock Continental European Income A Acc BGF Euro-Markets A2 EUR Equity - Europe Equity - Europe Excluding UK Equity - EuroZone Andreas Zöllinger 0.898 BlackRock BGF European Equity Income A2 EUR BlackRock Continental European Income A Acc BGF Euro-Markets A2 EUR Equity - Europe Equity - Europe Excluding UK Equity - EuroZone Brian Hall 0.891 BlackRock BGF European Value Q2 USD Equity - Europe Eva Fornadi 0.890 Comgest Comgest Growth Greater Europe Opps Euro Comgest Growth Mid-Caps Europe Euro Equity - Europe Equity - European Small & Med Companies Arnaud Cosserat 0.874 Comgest Comgest Growth Europe SHARIAH Euro Comgest Europe Comgest Growth Europe Euro Renaissance Europe C Equity - Europe Equity - Europe Equity - Europe Equity - Europe 12 EURO STARS EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Laurent Dobler 0.868 Comgest Growth Europe Euro Comgest Growth Europe SHARIAH Euro Share Europe-Selection Cap Comgest Europe Renaissance Europe C Equity - Europe Equity - Europe Equity - Europe Equity - Europe Equity - Europe Comgest Michael Constantis 0.862 BlackRock BGF European Special Situations A2 EUR Equity - Europe Barry Norris 0.842 Argonaut Capital Partners Ignis Intl Argonaut Pan Europn Alpha Eur I Acc FP Argonaut European Alpha GBP A Acc Equity - Europe Equity - Europe Excluding UK Alister Hibbert 0.816 BlackRock BGF Continental European Flexible A4RF GBP BlackRock European Dynamic A Acc Equity - Europe Excluding UK Equity - Europe Excluding UK Eve Bouard 0.810 BNP Paribas Investment Partners BNP Paribas Smallcap Euroland C Equity - EuroZone Small & Med Companies Scott Meech 0.808 Union Bancaire Privee UBAM Europe Equity AC EUR UBAM Actions Euro Rendement Equity - Europe Equity - EuroZone Rob Jones 0.808 Union Bancaire Privee UBAM Europe Equity AC EUR UBAM Actions Euro Rendement Equity - Europe Equity - EuroZone Michael Clements 0.797 Franklin Templeton Investments (Franklin) Franklin European Growth A (acc) EUR Equity - Europe Stephanie Butcher 0.797 Invesco Invesco Pan European Equity Income A Acc EUR Invesco Continental European Equity A Ann Dist EUR Invesco Perpetual European Equity Income Acc Equity - Europe Equity - Europe Excluding UK Equity - Europe Excluding UK Claire Rodrigue 0.795 Montsegur Finance Montsegur Croissance C Equity - Europe Peter Moeschter 0.793 Franklin Templeton Investments (Templeton) Templeton European A (Ydis) USD Templeton Euroland A (acc) EUR Equity - Europe Equity - EuroZone Dylan Ball 0.793 Franklin Templeton Investments (Templeton) Templeton European A (Ydis) USD Templeton Euroland A (acc) EUR Equity - Europe Equity - EuroZone David Robinson 0.766 Dalton Strategic Partnership Melchior Selected Trust European Opps I1 EUR Equity - Europe Ian Kelly 0.754 Schroders Schroder ISF European Dividend Maximiser A Acc Schroder ISF European Equity Yield A Acc Equity - Europe Equity - Europe Vafa Ahmadi 0.750 CPR Asset Management CPR Silver Age P Equity - Europe Clement Maclou 0.750 CPR Asset Management CPR Silver Age P Equity - Europe Pascale Huard 0.740 HSBC HSBC ISF MultiAlpha Europe Eq IC EUR Equity - Europe Chris Garsten 0.726 2CG Funds 2CG European Capital Growth Retail Equity - Europe Excluding UK Niall Gallagher 0.714 GAM GAM Star European Equity CHF Acc GAM Star Continental European Equity GBP Acc Equity - Europe Equity - Europe Excluding UK Heather Arnold 0.713 Franklin Templeton Investments (Templeton) Templeton European A (Ydis) USD Templeton Euroland A (acc) EUR Equity - Europe Equity - EuroZone Fabio Di Giansante 0.697 Pioneer Investments Pioneer Funds Euroland Equity E No Dis EUR Equity - EuroZone Mark Denning 0.696 Capital Group Capital International Eupn Gth and Inc B EUR Equity - Europe L. Alfonso Barroso 0.696 Capital Group Capital International Eupn Gth and Inc B EUR Equity - Europe Matt Siddle 0.680 Fidelity Worldwide Investments Fidelity Funds - Inst Europ Larger Cos I-ACC-EUR Fidelity Funds - European Larger Cos A-EUR Fidelity Funds - European Growth A-EUR (SGD) Equity - Europe Equity - Europe Equity - Europe Thorsten Paarmann 0.655 Invesco Invesco Europa Core Aktienfonds Invesco Pan European Structured Equity E Equity - Europe Equity - Europe Nicolas Walewski 0.645 Alken Asset Management Alken Fund - European Opportunities - R Performa Fund - European Equities Alken Fund - Small Cap Europe-R Equity - Europe Equity - Europe Equity - European Small & Med Companies Andrew Arbuthnott 0.645 Pioneer Investments Pioneer Funds Top European Players E No Dis EUR Equity - Europe James Rutherford 0.640 Hermes Investment Management Hermes Sourcecap European Alpha Z GBP Acc Hermes Sourcecap Europe Ex-UK Z GBP Acc Equity - Europe Equity - Europe Excluding UK EURO STARS 13 EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Patrick Vermeulen 0.635 JP Morgan JPM Europe Focus A Acc EUR JPM Euroland Focus A Acc EUR Equity - Europe Equity - EuroZone Beltran Lastra 0.625 JP Morgan JPM Europe Focus A Acc EUR JPM Europe Select Equity A Acc EUR JPM Europe Select Equity Plus A Acc EUR JPM Euroland Focus A Acc EUR JPM Euroland Select Equity A Acc EUR Equity - Europe Equity - Europe Equity - Europe Equity - EuroZone Equity - EuroZone Victoire de Trogoff 0.614 Fidelity Worldwide Investments Fidelity Europe Fidelity Funds - European A-ACC-EUR Equity - Europe Equity - Europe David Dudding 0.603 Threadneedle Threadneedle European Select Ret Net Acc GBX Equity - Europe Excluding UK Michael Clark 0.587 Fidelity Worldwide Investments Fidelity Funds - European Dividend A-ACC-EUR Equity - Europe Tim Stevenson 0.575 Henderson Global Investors Henderson HF Pan European Equity A2 Henderson European Equity - Europe Equity - Europe Gilles Guibout 0.569 AXA Investment Managers AXA WF Framlington Eurozone I AXA Valeurs Euro C Equity - EuroZone Equity - EuroZone Kenneth Nicholson 0.556 Standard Life Investments SLI Glo SICAV European Smaller Companies A Equity - European Small & Med Companies Dan Ison 0.554 Threadneedle Threadneedle (Lux)-Pan European Equities W Threadneedle Pan European Focus Ret Net Acc GBX Equity - Europe Equity - Europe Benjamin Stone 0.531 MFS MFS Meridian Funds European Value A1 EUR Equity - Europe Giles Warren 1.466 Seilern Investment Management Stryx World Growth GBP Equity - Global Equities Ian Heslop 0.956 Old Mutual Global Investors Old Mutual Global Equity A Acc Old Mutual Global Equity R Equity - Global Equities Equity - Global Equities Roger Morley 0.954 MFS MFS Meridian Funds Global Concentrated A1 USD MFS Investment Funds Global Equity Q1 EUR MFS Meridian Funds Global Equity A1 EUR MFS Investment Funds Glo Eq Euro Hedged Q1 EUR Equity - Global Equities Equity - Global Equities Equity - Global Equities Equity - Global Equities Equity - Global Equities GLOBAL EQUITIES Jonathan Asante 0.921 St James's Place St James's Place Worldwide Opportunities Acc David Gait 0.920 First State First State Worldwide Sustainability B Acc Equity - Global Equities Amadeo Alentorn 0.900 Old Mutual Global Investors Old Mutual Global Equity A Acc Equity - Global Equities Mike Servent 0.900 Old Mutual Global Investors Old Mutual Global Equity A Acc Equity - Global Equities Daniel O'Keefe 0.885 Artisan Partners Artisan Global Value I USD Acc Equity - Global Equities David Samra 0.885 Artisan Partners Artisan Global Value I USD Acc Equity - Global Equities Arnaud Cosserat 0.874 Comgest Comgest Monde Comgest Growth World US Dollar Comgest Growth EAFE Plus USD I Acc Equity - Global Equities Equity - Global Equities Equity - Global ex US David Mannheim 0.852 MFS MFS Investment Funds Glo Eq Euro Hedged Q1 EUR MFS Meridian Funds Global Equity A1 EUR MFS Investment Funds Glo Concentrated Eq Q1 EUR MFS Meridian Funds Global Concentrated A1 USD MFS Investment Funds Global Equity Q1 EUR Equity - Global Equities Equity - Global Equities Equity - Global Equities Equity - Global Equities Equity - Global Equities Jeremy Lang 0.843 Ardevora Ardevora Global Long Only Equity Class C Equity - Global Equities Paul Ehrlichman 0.827 Legg Mason Legg Mason ClearBridge Global Equity A Dis A USD Legg Mason Global Equity Income A Acc Equity - Global Equities Equity - Global Equity Income Safa Muhtaseb 0.827 Legg Mason Legg Mason ClearBridge Global Equity A Dis A USD Legg Mason Global Equity Income A Acc Equity - Global Equities Equity - Global Equity Income Sean Bogda 0.827 Legg Mason Legg Mason ClearBridge Global Equity A Dis A USD Legg Mason Global Equity Income A Acc Equity - Global Equities Equity - Global Equity Income Christopher Hart 0.794 Robeco Robeco BP Global Premium Equities D EUR Equity - Global Equities 14 EURO STARS A prudent approach that delivers performance DNCA Finance is expanding its expertise in European management and is transforming the fund DNCA Invest Italian Opportunities into DNCA Invest South European Opportunities. The fund managers, Isaac Chebar (rated AAA by Citywire) and Lucy Bonmartel also manage DNCA Value Europe. They have over 35 years of combined management experience. With a prudent approach distinctive to DNCA Finance, WKHIXQGZLOOEHQHÀWIURPWKHXSVLGHSRWHQWLDORITXDOLW\ Southern European companies. DNCA Invest South European Opportunities* 6RXWK(XURSH(TXLWLHV ISIN Code : Class I : LU0284395125 Performance over 1 year Volatility over 1 year +46,62% 17,08% As of 30/04/2014 For more information, contact us : France/Switzerland, Frédéric Kampschöer Tel : +33.1.58.62.55.03 Italy, Enrico Trassinelli Tel : +39.02.00.62.28.04 Northern Europe, Thomas Péan Tel : +352.28.48.01.55.23 19, place Vendôme 75001 Paris - www.dncafinance.com - @dnca * The fund was officially modified on the 2nd of May 2014 (by the transformation of DNCA Invest Italian Opportunities). The fund managers and the ISIN codes remain the same. Disclaimer : This document is intended for professionals only and cannot be considered as a binding document. However, DNCA Finance has the obligation to present a clear and no misleading information. The information contained in the present document, especially portfolios, products or securities mentioned, are subjected to fluctuations and variations of the financial markets and no guarantee can be given as for their future evolution. Past performances do not constitute a reliable indicator for future performances, these are not constant in time. Before any subscription in the UCITS presented, the investor has to informed of the last version of the prospectus and Key Investor Information Document (KIID) detailing the investment strategy and the risk profile of the UCITS. The last version of the prospectus and KIID can be obtained as well as the semi-annual report, annual report, DNCA Invest’s by-laws, on simple demand and free of charge to DNCA Finance, 19 Place Vendôme 75001 Paris. EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Peter Moeschter 0.793 Franklin Templeton Investments (Templeton) Templeton Global (Euro) A (Ydis) EUR Templeton Growth A Acc Templeton Global A (Ydis) USD Equity - Global Equities Equity - Global Equities Equity - Global Equities Dylan Ball 0.793 Franklin Templeton Investments (Templeton) Templeton Growth A Acc Templeton Global (Euro) A (Ydis) EUR Templeton Global A (Ydis) USD Equity - Global Equities Equity - Global Equities Equity - Global Equities Anthony Cross 0.779 Liontrust Liontrust GF Special Situations (A1 Unhgd - EUR) Equity - Global Equities Julian Fosh 0.779 Liontrust Liontrust GF Special Situations (A1 Unhgd - EUR) Equity - Global Equities Ian Kelly 0.754 Schroders Schroder ISF Global Equity Yield A Acc Schroder Selection Glo Srs-Yield Equity A USD Schroder Global Equity Income A Acc Equity - Global Equities Equity - Global Equities Equity - Global Equity Income Heather Arnold 0.713 Franklin Templeton Investments (Franklin) Franklin Tem pleton Gl Growth and Value A (acc) USD Templeton Global A (Ydis) USD Templeton Growth A Acc Templeton Global (Euro) A (Ydis) EUR Equity - Global Equities Equity - Global Equities Equity - Global Equities Equity - Global Equities Beltran Lastra 0.625 JP Morgan JPM Gl Research Enhanced Index Eq X Acc EUR Equity - Global Equities David Dudding 0.603 Threadneedle Threadneedle (Lux)-Global Focus W Equity - Global Equities Ana da Maia 0.602 HSBC HSBC ISF MultiAlpha Global Equity IC USD Equity - Global Equities Ralph Weber 0.558 Swiss & Global Asset Management Julius Baer Global Excellence Equity (EUR) B Equity - Global Equities Andreas Brugger 0.558 Swiss & Global Asset Management Julius Baer Global Excellence Equity (EUR) B Equity - Global Equities Graham Campbell 0.542 Saracen Saracen Global Income and Growth Acc Equity - Global Equity Income LATIN AMERICA EQUITIES Scott Piper 1.309 Itau Asset Management Itau Europa Lux SICAV Itau Latin America Eq A Nordea 1 - Latin American Equity BP EUR Equity - Latin America Equity - Latin America Charles Biderman 0.932 Comgest Comgest Growth Latin America Euro Equity - Latin America Jonathan Asante 0.921 First State First State Latin America A GBP Acc Equity - Latin America Dean Newman 0.739 Invesco Invesco Perpetual Latin American Acc Invesco Latin American Equity A Acc Equity - Latin America Equity - Latin America Nick Robinson 0.632 Danske Fund Management Company Danske Invest Latinamerika Danske Invest Latinamerika, klass SEK Danske Invest Latin America Kasvu Equity - Latin America Equity - Latin America Equity - Latin America Giles Warren 1.466 Seilern Investment Management Stryx America USD Equity - North America Gary C Hatton 1.008 Vanguard Group Vanguard US Discoveries Inv USD Equity - North American Smaller Companies NORTH AMERICA EQUITIES Jane M White 1.008 Vanguard Group Vanguard US Discoveries Inv USD Equity - North American Smaller Companies John J Granahan 1.008 Vanguard Group Vanguard US Discoveries Inv USD Equity - North American Smaller Companies Robert F Granahan 1.008 Vanguard Group Vanguard US Discoveries Inv USD Equity - North American Smaller Companies Ian Heslop 0.956 Old Mutual Global Investors Old Mutual North American Equity A Acc Old Mutual North American equity A USD Equity - North America Equity - North America Amadeo Alentorn 0.900 Old Mutual Global Investors Old Mutual North American Equity A Acc Old Mutual North American equity A USD Equity - North America Equity - North America Mike Servent 0.900 Old Mutual Global Investors Old Mutual North American Equity A Acc Old Mutual North American equity A USD Equity - North America Equity - North America THEMATIC EQUITIES Scott Braunstein 1.288 JP Morgan JPM Global Healthcare A Acc USD Equity - Pharmaceuticals & Health Care Anne Marden 1.288 JP Morgan JPM Global Healthcare A Acc USD Equity - Pharmaceuticals & Health Care Mark Hawtin 1.076 GAM GAM Star Technology USD Acc Equity - Technology John Baker 1.025 JP Morgan JPM Europe Technology A Dis EUR Equity - Technology Jonathan Ingram 1.015 JP Morgan JPM Europe Technology A Dis EUR Equity - Technology 16 EURO STARS EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Richard Speetjens 0.965 Robeco Robeco Global Consumer Trends Equities D EUR Equity - Cyclical Consumer Goods & Services Jack Neele 0.965 Robeco Robeco Global Consumer Trends Equities D EUR Equity - Cyclical Consumer Goods & Services Gareth Powell 0.935 Polar Capital Polar Capital Healthcare Opportunities USD Equity - Pharmaceuticals & Health Care Daniel Mahony 0.935 Polar Capital Polar Capital Healthcare Opportunities USD Equity - Pharmaceuticals & Health Care Nick Langley 0.692 RARE Infrastructure RARE Infrastructure Value G GBP Equity - Global Themes Richard Elmslie 0.692 RARE Infrastructure RARE Infrastructure Value G GBP Equity - Global Themes Simon Gottelier 0.687 BNP Paribas Investment Partners BNP Paribas Aqua P Equity - Global Themes Nick Brind 0.658 Polar Capital Polar Capital Financials Income A2 Retail Acc Equity - Banks & Financials Sybille Wyss 0.635 Tareno Tareno Waterfund R1 EUR Equity - Global Themes Josef Bollag 0.635 Tareno Tareno Waterfund R1 EUR Equity - Global Themes Jörg Philipsen 0.603 UBS Global Asset Management UBS (Lux) Eq Fd - Infrastructure (EUR) P-acc Equity - Global Themes Christian Zimmermann 0.602 Pioneer Investments Pioneer Funds Global Ecology A No Dis EUR Equity - Global Themes Anders Tandberg-Johansen 0.598 DNB Asset Management DNB Fund Technology DNB Nordic Technology DNB Telecom Equity - Technology, Media & Telecoms Equity - Technology, Media & Telecoms Equity - Telecommunication Services UK EQUITIES Martin Walker 1.790 Invesco Invesco Perpetual UK Growth Acc Invesco UK Equity A Annual Dist GBP Invesco Perpetual UK Aggressive Acc Invesco Perpetual Children's Acc Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) Julie Dean 1.734 Schroders Cazenove UK Opportunities B Acc Cazenove UK Equity B GBP Equity - UK (All Companies) Equity - UK (All Companies) Richard Colwell 1.444 Threadneedle Threadneedle UK Growth & Income Ret Net Inc GBX Threadneedle UK Equity Alpha Inc Net Dist GBP Threadneedle UK Equity Income Ret Net Inc GBX Threadneedle Investment Fund II UK Eq Inc Ret Equity - UK (All Companies) Equity - UK Equity Income Equity - UK Equity Income Equity - UK Equity Income Alex Savvides 1.177 J O Hambro Capital Management JOHCM UK Dynamic B Acc Equity - UK (All Companies) Leigh Harrison 1.090 Threadneedle Threadneedle UK Equity Alpha Inc Net Dist GBP Threadneedle Investment Fund II UK Eq Inc Ret Threadneedle UK Equity Income Ret Net Inc GBX Equity - UK Equity Income Equity - UK Equity Income Equity - UK Equity Income John Baker 1.025 JP Morgan JPM UK Dynamic A Acc Equity - UK (All Companies) Jonathan Ingram 1.015 JP Morgan JPM UK Dynamic A Acc Equity - UK (All Companies) Chris St John 1.007 AXA Investment Managers AXA Framlington UK Mid Cap Z Acc Equity - UK Medium Companies Alex Breese 0.974 Schroders Schroder UK Equity Inc Schroder ISF UK Equity A Dis Equity - UK (All Companies) Equity - UK (All Companies) Jeremy Lang 0.843 Margetts MGTS Ardevora UK Income Acc Ardevora UK Income A Equity - UK Equity Income Equity - UK Equity Income Vishal Bhatia 0.825 J O Hambro Capital Management JOHCM UK Growth B Equity - UK (All Companies) Equity - UK Smaller Companies Paul Marriage 0.800 Schroders Cazenove UK Smaller Companies B Acc John Warren 0.800 Schroders Cazenove UK Smaller Companies B Acc Equity - UK Smaller Companies Anthony Cross 0.779 Liontrust Liontrust UK Growth Fund (R) Liontrust GIF UK Growth Fund Liontrust Special Situations Fund (R) Liontrust UK Smaller Companies Fund (R) Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK Smaller Companies Julian Fosh 0.779 Liontrust Liontrust GIF UK Growth Fund Liontrust UK Growth Fund (R) Liontrust Special Situations Fund (R) Liontrust UK Smaller Companies Fund (R) Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK Smaller Companies Simon Murphy 0.777 Old Mutual Global Investors Old Mutual UK Equity A Inc Equity - UK (All Companies) EURO STARS 17 EQUITIES EQUITIES MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Ben Russon 0.729 Franklin UK Managers Focus Newton UK Opportunities GBP Inc Franklin UK Blue Chip A Inc Franklin UK Opportunities A Inc Franklin UK Equity Income Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK Equity Income Franklin Templeton Investments (Franklin) Gregor Macdonald 0.715 SWIP SWIP UK Smaller Companies A Acc Equity - UK Smaller Companies Clive Beagles 0.711 J O Hambro Capital Management JOHCM UK Equity Income B Acc Equity - UK Equity Income James Lowen 0.711 J O Hambro Capital Management JOHCM UK Equity Income B Acc Equity - UK Equity Income Jonathan Barber 0.704 Threadneedle Allied Dunbar UK Capital Growth Threadneedle UK Monthly Income Ret Net Inc GBX Equity - UK (All Companies) Equity - UK Equity Income Trevor Green 0.702 Aviva Investors Aviva Investors UK Equity Focus B Aviva Investors UK Opportunities SC 1 Aviva Investors UK Smaller Companies SC 1 Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK Smaller Companies Christopher White 0.694 Premier Fund Managers Premier UK Growth A Net Inc Premier Inc A Net Inc Premier Monthly Inc A Net Inc Equity - UK (All Companies) Equity - UK Equity Income Equity - UK Equity Income Simon Brazier 0.666 Threadneedle Threadneedle UK Institutional Inst Net Acc GBX Threadneedle UK Retail Net Inc GBX Threadneedle (Lux)-UK Equities AG Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) Mark Westwood 0.653 Threadneedle Threadneedle Investment Fund II UK Growth Ret Equity - UK (All Companies) Alex Wright 0.648 Fidelity Worldwide Investments Fidelity Special Situations A Acc Fidelity UK Smaller Companies A Acc Equity - UK (All Companies) Equity - UK Smaller Companies Mark Martin 0.646 Neptune Neptune UK Mid Cap A Acc GBP Equity - UK Medium Companies Patrick Vermeulen 0.635 JP Morgan JPM UK Focus A Acc Equity - UK (All Companies) Beltran Lastra 0.625 JP Morgan JPM UK Focus A Acc Equity - UK (All Companies) Mark Costar 0.588 J O Hambro Capital Management JOHCM UK Growth B Equity - UK (All Companies) Michael Clark 0.587 Fidelity Worldwide Investments Fidelity MoneyBuilder Dividend Fidelity Enhanced Income Acc Equity - UK Equity Income Equity - UK Equity Income Richard Buxton 0.570 Old Mutual Global Investors Old Mutual UK Alpha R Acc Old Mutual UK Alpha U1 Acc Scottish Widows HIFML UK Focus 1 Equity - UK (All Companies) Equity - UK (All Companies) Equity - UK (All Companies) John Innes 0.538 RWC RWC UK Focus B GBP Equity - UK (All Companies) 18 EURO STARS EQUITIES ASIA PACIFIC EQUITIES ALLAN CHRISTENSEN TAEKO SETAISHI IAN HESLOP Manager ratio Manager ratio Manager ratio 1.173 1.105 0.956 Allan Christensen joined Carnegie Asset Management in September 2010 and is the lead portfolio manager of the Asian ex Japan strategy. Before this he was a portfolio manager at Jyske Invest for 10 years, where he was responsible for Far East/Asian equities. His investment career also includes stints on global equities, and he has worked as an investment adviser, a securities dealer and a senior account manager in Denmark, Luxembourg and the US. Taeko Setaishi joined Atlantis in 1996 and is the fund adviser on several segregated mandates. She also manages the Atlantis Japan Opportunities fund. She started her career at Schroder Securities and in 1986 moved to James Capel. She joined Schroder Investment Management in 1993 where she was an analyst and fund adviser before moving to Atlantis. Ian Heslop is head of quantitative strategies at Old Mutual Asset Management where he oversees the company’s Asia Pacific and Japanese equities funds. He started his career in the financial industry in 1997 at Barclays Global Investors and joined Old Mutual Asset Management three years later. He holds a BA in chemistry from Oxford University and a PhD in medicinal chemistry from Edinburgh University. JORRY RASK NØDDEKÆR ANDREW SWAN DAVID GAIT Manager ratio Manager ratio Manager ratio 0.940 0.931 0.920 Copenhagen-based Jorry Rask Nøddekær joined Nordea Investment Management in 2011 where he runs the Nordea 1 - Asian Focus Equity fund. Previously, he has worked at Danske Capital, F&C Investment Management, New Star Asset Management and BankInvest Asset Management. He studied at Aarhus University in Denmark and gained an MSc in economics and finance. Hong Kong-based Andrew Swan is managing director and head of Asian fundamental equities at BlackRock where he runs a range of Asia Pacific equity funds including the BGF Asia Dragon fund. Prior to joining BlackRock in August 2011, he spent eight years at JP Morgan Asset Management. He studied commerce at the University of New South Wales, Australia. David Gait joined Stewart Ivory, later bought by First State Investments, in 1997. He is responsible for the group’s emerging markets and Asia Pacific strategies and is the lead manager on the Asia Pacific Sustainability and Indian Subcontinent funds. He has been managing funds for 11 years. He graduated with a BA from Cambridge University and an MSc from Stirling University. AMADEO ALENTORN MIKE SERVENT JOHN PINKEL Manager ratio Manager ratio Manager ratio 0.900 0.900 0.875 Mike Servent joined Old MutuaI in November 2004 from Barra International where he was a senior consultant specialising in the implementation of multi asset-class risk systems. Prior to this he spent five years with COR Risk Solutions, developing optimisation, back-testing and modelling software. He has an MA from Oxford University. John Pinkel MSCI AC Asia Pacific 30 20 % Growth TR (USD) Amadeo Alentorn joined Old Mutual in 2005 where he is a fund manager in the global equities team, and is also responsible for directing the firm’s quantitative research programme. Prior to joining Old Mutual, he developed simulation models for systemic and liquidity risk at the Bank of England from 2004-2005, and has worked as a software developer for CAD systems and for robotic applications. During his doctoral research he developed a new option pricing model based on extreme value theory. 10 0 -10 -20 Feb-11 Feb-14 EURO STARS 19 EQUITIES ASIA PACIFIC EQUITIES CAMPBELL GUNN DALE NICHOLLS TADAO MINAGUCHI Manager ratio Manager ratio Manager ratio 0.782 0.761 0.749 Campbell Gunn is a former barrister who is responsible for Japanese equities at T Rowe Price. He incorporates a top-down view in his portfolio and uses a growth investment style. He graduated from Oxford University. Dale Nicholls runs the Pacific and Asian Smaller Companies funds at Fidelity and follows a bottomup stock-picking approach, looking for growth at a reasonable price. Long-term growth prospects, returns on capital and management quality are the key characteristics he focuses on in his search for investment opportunities. Given his funds’ smalland mid-cap bias, he tends to outperform when market liquidity is plentiful or when the market is driven by sentiment. Tadao Minaguchi joined Invesco in 2010 and runs the firm’s Japanese Equity Advantage fund, a sub-fund of Invesco Funds II. Previously, he launched and managed Morgan Stanley’s Japanese equity advantage strategy and worked for JP Morgan’s investment banking department. He describes his investment style as bottomup, with no style or capitalisation bias. He graduated from Keio University. SCOTT MCGLASHAN RUTH NASH MAX GODWIN Manager ratio Manager ratio Manager ratio 0.748 0.748 0.723 Scott McGlashan joined JO Hambro Capital Management in 2004 and is a senior fund manager heading the Japan and Japan Select funds. Prior to this, he was founder and chairman of Jade Absolute and head of Far East investments and a director of Invesco Perpetual. His fund management career started in 1976 and he has specialised in the Japan market since 1982. He is a graduate of Yale and Cambridge universities. Ruth Nash is based at JO Hambro Capital Management in London. She is a contrarian stock-picker in the Japanese mid-cap universe. Prior to joining JOHCM, she held positions at Scottish Equitable Life Assurance Society, Royal Insurance, Prudential and British Steel Pension fund. Max Godwin works at M&G Investments where he runs the Japan Smaller Companies fund using a value approach. He started his career in 1998 as a small- and mid-cap equity analyst with Cazenove & Co in Tokyo. In 2003, he was the founding partner and an analyst for OAL Advisors based in Tokyo. He joined Pi Investment (Hong Kong) in 2005 where he was a senior analyst and co-portfolio manager. NICHOLAS PRICE CHRIS TAYLOR MARCEL ZIMMERMANN Manager ratio Manager ratio Manager ratio 0.723 0.683 0.657 Nicholas Price Chris Taylor joined Neptune as head of research in June 2004 following a 15-year tenure at Fuji Investment Management, where he progressed to managing director. His wide investment experience also includes stints at Enskilda Securities as head of Scandinavian equities, and Swiss American Asset Management, part of the Credit Suisse group, where he worked as a global equity fund manager based in New York. Topix 100 % Growth TR (JPY) 80 60 40 20 0 -20 -40 Feb-11 20 Feb-14 EURO STARS Marcel Zimmermann is CEO and a fund manager at Zimmermann Investment Consulting where he runs the Lemanik Sicav Asian Opportunity fund. He has more than 30 years’ experience in the finance industry and started his career at Banca del Gottardo in Lugano. After three years he moved to Bache Securities Zurich and then returned to Banca del Gottardo in 1984. EQUITIES ASIA PACIFIC EQUITIES RORY DICKSON YOSHIMI HASHIMOTO MARTIN LAU Manager ratio Manager ratio Manager ratio 0.655 0.624 0.621 Rory Dickson has been managing funds at Coupland Cardiff Asset Management since 2010 and has more than 20 years’ experience in the finance industry. Prior to joining the company, he worked for five years at Arisaig Partners following a stint at ACL Asia. He started his career in 1992 at Arthur Andersen where he spent three years as a senior auditor. Yoshimi Hashimoto was promoted to portfolio manager in 1998, and runs the Fidelity Institutional Japan fund. She joined Fidelity in 1994, working as a technical analyst at the company’s Boston office. Between 1995 and 1997, she undertook the same role in Fidelity’s Tokyo office. Prior to joining Fidelity, she was a currency strategist with Daido Mutual Life Insurance Company. Marin Lau manages a range of China and Asia funds for First State Investments. He describes his investment style for many of the funds he runs as bottom-up stock selection with a strong macro overlay. Born in Hong Kong in 1972, Lau started his investment career in 1995 at BZW in London as part of its risk management team. He then spent six years with Invesco as a fund manager. ELIZABETH SOON RICHARD KAYE ALISTAIR THOMPSON Manager ratio Manager ratio Manager ratio 0.606 0.598 0.584 Elizabeth Soon joined PineBridge in 2008 where she runs the Asia ex Japan and Global Funds Asia ex Japan Smaller Companies funds. Prior to this, she was director and head of the Pacific Basin for Standard Life Investments Asia, where she was responsible for the management of the group’s Asian funds. She also spent 10 years at Schroder Investment Management in Hong Kong, where she was director and head of Asia ex-Japan. Richard Kaye has worked at Comgest since 2009 where he runs the Growth Japan Yen and Japan funds from Paris. He has more than 19 years’ experience in the financial industry and started his career as a Japan tech sell-side analyst at the Industrial Bank of Japan in 1994. Two years later he joined Merrill Lynch before moving to Wellington Management Company in 2005. He holds an MA from Oxford University. Alistair Thompson is a senior portfolio manager at First State and joined the Asia Pacific (exJapan)/global emerging markets team in 2003. Prior to this, he worked for Edinburgh Fund Managers for nine years and was head of Asia Pacific ex Japan. He also worked for CIM Fund Managers from 1989 to 1993, first managing its money market funds and later its Asian funds. RAJENDRA NAIR SHUNSUKE MATSUSHIMA DEAN CASHMAN Manager ratio Manager ratio Manager ratio 0.579 0.564 0.544 Rajendra Nair runs the JPMorgan Eastern Smaller Companies fund. He started his career at JP Morgan securities in 2000 and later became vice-president and head of futures and options. After five years, he moved to JF Asset Management as executive director. He graduated from the University of Mumbai. Shunsuke Matsushima has been focused on small-cap investments since April 1996. He receives input from the resources of around 20 research analysts and a pair of dedicated fund managers who work alongside him. He heads up Sumitomo Mitsui Asset Management Japanese Equity Active Group and runs a Japanese equity portfolio on mandate from BNP Paribas Investment Partners. Dean Cashman manages Japanese equity portfolios at M&G. He started his investment career in 1988 with BT Funds Management in Australia. He started covering Japan in 1992 and became the head of Japanese equities in 1996. He later joined Principal, where he was a portfolio manager, before moving to M&G. EURO STARS 21 EQUITIES COMMODITIES EMERGING MARKET COUNTRY EQUITIES PIETER BUSSCHER SCOTT PIPER KRISTOFER BARRETT Manager ratio Manager ratio Manager ratio 0.794 1.309 1.159 Pieter Busscher started his financial career at Sustainable Asset Management in August 2007, where he manages the RobecoSAM Smart Materials fund, which aims to take advantage of the rising demand for technologies and products that offer a solution to the scarcity of basic materials. Busscher believes an increasing emphasis on energy efficiency should boost his returns and create more investment opportunities. Scott Piper works at Itaú Asset Management as the head of Latin American equity investments. Prior to joining Itaú in 2011 he worked for eight years at Morgan Stanley Investment Management as a member of the emerging markets group and co-portfolio manager of Latin American assets. Before joining Morgan Stanley, he worked as a portfolio manager at Deltec Asset Management where he managed Latin American and emerging market portfolios. Kristofer Barrett is currently a portfolio manager at Swedbank Robur where he started his career in 2006. He graduated from Uppsala University in Sweden. ELENA LOVÉN FREDRIK COLLIANDER MANISH BHATIA Manager ratio Manager ratio Manager ratio 1.132 0.998 0.948 Fredrik Colliander is lead manager of the HQ Rysslandfond fund. He joined HQ Fonder in 2000 and has more than two decades’ experience in the financial industry. He holds an MSc in business and economics. Manish Bhatia CNX Nifty 50 40 % Growth TR (USD) Elena Lovén joined Swedbank Robour in 2007 as a portfolio manager and now runs a number of funds and sub-funds. She started her career in the financial markets in 1999 working as an oil analyst for HQ Bank, and then became a private banker in 2000 for the same company. She graduated from Moscow University and Stockholm School of Economics. 30 20 10 0 -10 -20 Feb-11 RAYMOND MA ANDREW SWAN DAVID GAIT Manager ratio Manager ratio Manager ratio 0.936 0.931 0.920 Raymond Ma Andrew Swan is a managing director and head of Asian fundamental equities at BlackRock where he runs a number of funds including the BGF China and India funds. Prior to joining BlackRock in August 2011, he spent eight years at JP Morgan Asset Management. He graduated from the University of New South Wales, Australia. MSCI Golden Dragon 40 % Growth TR (USD) 30 20 10 0 -10 -20 Feb-11 22 Feb-14 EURO STARS Feb-14 David Gait is responsible for developing First State’s emerging markets and Asia Pacific strategies and is the lead manager on the firm’s Asia Pacific Sustainability and Indian Subcontinent funds. He joined Stewart Ivory in 1997, the predecessor to First State Investments and has been managing funds for more than 11 years. He studied at Cambridge University and Stirling University. EQUITIES PIETER BUSSHER, ROBECOSAM AG COMMODITIES RobecoSAM’s Pieter Busscher is the only fund manager in Citywire’s commodities universe to have been awarded a Euro Star rating in our latest round-up. We look at the investment style that sets him apart BUSSHER’S THREE-YEAR CITYWIRE TRACK RECORD* Pieter Busscher MSCI ACWI/Materials 10 5 0 % Growth TR (USD) COMMODITIES’ LONE STAR RIDING HIGH -5 -10 -15 -20 Pieter Busscher’s innovative approach has avoided many of the pitfalls that have hindered his peers’ performance in recent times and has helped him become the sole recipient of a Euro Stars badge in this challenging asset class. The Swiss-based manager of the RobecoSAM Smart Materials fund operates within the natural resources sector where he invests in companies offering profitable solutions to the problem of scarce resources. He addresses this issue by concentrating on companies focused on innovative materials and process technology that can increase the efficiency and sustainability of businesses linked to the natural resources theme. ‘Process technologies help cope with increasing commodity prices or are driven by higher commodity prices to combat inflationary pressure,’ says Busscher. ‘Innovative materials are beneficiaries of increasing commodity prices, as they offer better properties and functionality.’ DRIVING THEME One of the big themes he is currently investing in is the increased use of light materials within the aerospace and autos sectors. The aerospace sector is setting the e pace in the adoption of lighter materials to build its planes but auto manufacturers, for example,, Ford with so increasing its popular F150 pickup truck, are also their use of these alternatives. omin m g ‘There is more and more data becoming om a business available on lighter materials and, from perspective, it is a win-win situation as it can s Busscher. also lead to big savings on fuel,’ says are and ‘In the near future, I expect software esent automation to be more and more present s. within materials companies,’ he says. s Among the best performing stocks he holds year to date are US group e Allegheny Technologies and Japanese firm Osaka Titanium. The US speciality materials producer operates in the aerospace industry and focuses on titanium and alloys. The latter company also supplies the aerospace -25 -30 Feb-11 Feb-12 Feb-13 Feb-14 SOURCE: Citywire & Lipper *Performance of all funds under management NUMBER OF APPEARANCES IN CITYWIRE EURO STARS ‘We are positive on select secular growth stories like equipment producers in some industrial appl applications’ industry with lightweig lightweight alloys. Sales of these have been driving its revenue upwards. ‘We are positive on select secular growth stories like equipment producers equ q ipment producers iin some industrial applications, which seek to take cost out o of their processes and make them more efficient,’ says Busscher. ‘Especially secular growth stories like factory automation and a specifically fibre laser companies which offer great gre opportunities.’ The Dutch manager runs a concentrated portfolio of around 45-50 stocks. US-listed po ccompanies feature prominently and account ffor more than 40% of total investments. However, Busscher has recently been trimming his US exposure after finding better valuations in European companies. EURO STARS 23 EQUITIES EMERGING MARKET COUNTRY EQUITIES JOSE BALITIERI ANDRÉ CAMINADA VLADIMIR TSUPROV Manager ratio Manager ratio Manager ratio 0.828 0.670 0.649 Jose Baltieri MSCI Brazil Mid Cap André Caminada works at Victoire Brasil Investimentos where he runs equity strategies with a growth and value investment style. Prior to joining Victoire in 2006, he was a portfolio manager at Itau Asset Management from 20012006, at Lloyds Asset Management from 19982001 and at Citigroup from 1992-1997. He graduated from Pontifícia Universidade Católica de São Paulo with a degree in economics. 25 20 % Growth TR (USD) 15 10 5 0 -5 -10 -15 Feb-11 Feb-14 Vladimir Tsuprov joined TKB BNP Paribas Investment Partners in 2005 where he is CIO and head of equities, leading a team of 11 portfolio managers and analysts. Prior to this he was managing director and deputy CEO of KIT Finance Asset Management before moving to the National Development Bank of Moscow where he was head of dealing. He started his career as a junior research analyst at Inkom Bank and in 1999. ANNA VÄÄNÄNEN MARTIN LAU ELIZABETH SOON Manager ratio Manager ratio Manager ratio 0.636 0.621 0.606 Anna Väänänen has worked in the investment industry since 1995 and has been managing funds for more than six years. She joined FIM Varainhoito Oy in 2007 where she is a fund manager on the FIM Russia and FIM Russia Small Cap funds. Prior to this she was a portfolio manager at Tapiola Asset Management and before this she was an equity analyst at Carnegie, Salomon Brothers and Kleinwort Benson. Martin Lau manages a range of China and Asia funds for First State Investments. He describes his investment style for many of the funds he runs as bottom-up stock selection with a strong macro overlay. He also focuses on quality, growth and price. Born in Hong Kong in 1972, Lau started his investment career in 1995 at BZW in London. He then spent six years with Invesco as a fund manager responsible for the greater China funds, Smaller Companies fund and regional portfolios. RAJENDRA NAIR OLGA KARAKOZOVA Manager ratio Manager ratio 0.579 0.542 Rajendra Nair runs the JPMorgan Eastern Smaller Companies fund. He started his career at JP Morgan securities in 2000 and later became vice-president and head of futures and options. After five years, he moved to JF Asset Management as executive director. He graduated from the University of Mumbai. 24 EURO STARS Olga Karakozova is based at Danske Capital in Finland where she is a senior portfolio manager in Russian equities. Her defensive growth investment strategy employs neither the tactical use of cash nor derivatives. She invests across all market cap segments with particular emphasis on small and mid caps. She began her career as a researcher at the Institute for Real Estate Economics and worked as an economist for Jones Lang La Salle, before becoming chief analyst at Morgan Stanley. Elizabeth Soon joined PineBridge in 2008 where she runs the Asia ex Japan and Global Funds Asia ex Japan Smaller Companies funds. Prior to this, she was director and head of the Pacific Basin for Standard Life Investments Asia, where she was responsible for the management of the group’s Asian funds. She also spent 10 years at Schroder Investment Management in Hong Kong, where she was director and head of Asia ex-Japan. Galileo Galilei FUND AWARDS 2014 WINNER OF BEST SMALL GROUP OVER THREE YEARS E.I. Sturdza Strategic Management Limited, part of the Sturdza Private Banking Group is authorised and regulated by the Guernsey Financial Services Commission to provide investment management and advisory services, with registration number 35985. EUROPE GERMANY & AUSTRIA EQUITIES EMERGING MARKET EQUITIES KRISTOFER BARRETT JOEL KUKEMELK MATT LINSEY Manager ratio Manager ratio Manager ratio 1.159 1.048 1.030 Kristofer Barrett is currently a portfolio manager at Swedbank Robur where he started his career in 2006. He graduated from Uppsala University in Sweden. Joel Kukemelk is lead manager on the LHV Persian Gulf fund which focuses on companies based in countries that make up the GCC. He joined the company in 2006 and worked in a number of different roles before becoming a fund manager in 2011. He studied economics at Tartu University in Estonia. Matt Linsey is based in London where he founded North of South Capital in 2004. He is currently a managing partner and runs funds in emerging markets. He started his career in 1984 at Chase Manhattan Bank where he was appointed vice president. From there he moved to ING Asset Management and then on to Baring Asset Management. He graduated from the University of Michigan with an MBA in Business Administration. GAVIN JOUBERT JORRY RASK NØDDEKÆR CHARLES BIDERMAN Manager ratio Manager ratio Manager ratio 0.958 0.940 0.932 As head of Coronation Fund Managers’ emerging markets team Gavin Joubert has 15 years’ experience as an investment analyst and portfolio manager. He has managed a range of South African equity and balanced funds and currently co-manages Coronation’s emerging market strategy. Prior to joining Coronation in 1999, he qualified as a chartered accountant with Ernst & Young and worked for Merrill Lynch and CSFB in London. Copenhagen-based Jorry Rask Nøddekær joined Nordea Investment Management in 2011 where he runs the Nordea 1 - Asian Focus Equity fund. Previously, he has worked at Danske Capital, F&C Investment Management, New Star Asset Management and BankInvest Asset Management. He studied at Aarhus University in Denmark and gained an MSc in economics and finance. Charles Biderman joined Comgest in 2006 and runs money within the Latin American large- and mid-cap equity space, using a growth-at-areasonable-price approach. Neither cash nor derivatives play a tactical part in the portfolio. He graduated from the Institut National des Télécommunications in Paris. JONATHAN ASANTE DAVID GAIT GARY GREENBERG Manager ratio Manager ratio Manager ratio 0.921 0.920 0.877 After nine years at Framlington, Jonathan Asante joined First State Investments in 2004 as a senior analyst and became head of global emerging market equities after co-managing GEM portfolios with Angus Tulloch. He started his career at Framlington as a global emerging markets fund manager and group economist. 26 EURO STARS David Gait joined Stewart Ivory, later bought by First State Investments, in 1997. He is responsible for its emerging markets and Asia Pacific strategies and is the lead manager on the Asia Pacific Sustainability and Indian Subcontinent funds. He has been managing funds for 11 years. He graduated with a BA from Cambridge University and an MSc from Stirling Univerisity. Gary Greenberg is head of emerging markets at Hermes Fund Managers having joined the company in September 2010. He started out as an analyst at Harris Associates in 1989. From 1994 to 1998 he was CIO at Peregrine Asset Management and then spent a year as MD at Van Eck Global. Between 1999 and 2002 he was at Goldman Sachs and served as co-head of emerging markets. In July 2002, he became partner and CIO at Muse Capital and moved to Silkstone Capital in 2007 prior to joining Hermes. EQUITIES EMERGING MARKET EQUITIES THIERRY MISAMER TILO WANNOW GUS ROBERTSON Manager ratio Manager ratio Manager ratio 0.871 0.871 0.824 Based in Germany, Thierry Misamer has been a portfolio manager at Frankfurt-Trust since 2004. He manages the FT Emerging ConsumerDemand fund, a global equity portfolio, using a stable value investment style. Prior to joining the company, he worked at BHF-Bank. He studied business management at FH Mainz – University of Applied Science. Tilo Wannow has been working at BHF Bank since 2004 and now co-manages the FT Emerging Consumer Demand Fund alongside Thierry Misamer. He started out at the company as a buy-side analyst and since 2007 has been a portfolio manager. He studied business at the University of Bamberg in Germany and Aston Business School in the UK. Gus Robertson joined ING Investment Management in 2007 where he is currently a senior investment manager in emerging market equities. He started his career in 2001 with Morley Fund Management where he was an equity analyst and a trainee portfolio manager on global emerging market equities. In 2005 he joined AIG Global Investment Group as a portfolio manager of emerging Europe equities. He has been managing funds for over six years. MALEK BOU-DIAB MARK FRIELINGHAUS VAFA AHMADI Manager ratio Manager ratio Manager ratio 0.820 0.770 0.750 Malek Bou-Diab is a portfolio manager at Bellevue Asset Management and co-manages the Bellevue F (Lux) BB African Opportunities fund alongside Elena Ogram and Havard Chi. The fund focuses on stocks from companies based in the emerging African markets, and the team follow a defensive growth strategy, rotating the portfolio when market cycle changes are identified. Bou-Diab worked as a quantitative analyst at Deutsche Bank for two years, later joining Julius Baer. Mark Frielinghaus has over 11 years of experience in the finance industry. He started his career as a fund of funds manager at SEB Asset Management in 2002 and six years later joined Quoniam Asset Management as an equity portfolio manager. He runs the Quoniam SICAV Emerging Markets Equities MinRisk fund, as well as institutional mandates. Vafa Ahmadi joined CPR Asset Management in 2006 first as head of direct investments global balanced team before becoming head of European thematic equities. He began his career in 1997 at BNP Gestion as a French equity portfolio manager. He moved to Deutsche Asset Management, then to Aurel Leven, as director of institutional management. He is a SFAF (French Financial Analysts Society) graduate and member. CLEMENT MACLOU NICK PRICE DEAN NEWMAN Manager ratio Manager ratio Manager ratio 0.750 0.746 0.739 Clement Maclou is a European equity portfolio manager at CPR Asset Management. He manages the CPR Silver Age fund that he describes as a thematic equity fund. Prior to joining CPR Asset Management in 2005, he worked for a year at Martin Maurel Gestion. Based in Paris, he studied at IAE in Aix en Provence. Nick Price joined Fidelity International in 1998 as a research analyst covering the pan-European chemicals, food manufacturing, tobacco and telecommunications sectors. In 2004, he became an assistant portfolio manager and, in 2005, he was appointed portfolio manager of an internal EMEA mandate. Dean Newman runs emerging markets equities funds at Invesco Perpetual, having joined the company in 1997. He uses an active investment strategy for the group’s Emerging Countries fund. Prior to joining Invesco Perpetual, he worked at Sanwa Bank for six years and Legal & General also for six years. He studied Economics & Politics at Durham University and is currently based in Henley-on-Thames, UK. EURO STARS 27 EQUITIES KRISTOFER BARRETT, SWEDBANK ROBUR EMERGING MARKET EQUITIES Swedbank Robur’s Kristofer Barrett tops the emerging markets equity bracket while splitting his efforts between the distinctly different investment destinations of Russia and South Africa BARRETT’S THREE-YEAR CITYWIRE TRACK RECORD* Kristofer Barrett SGI Pan Africa NR 10 5 0 -5 % Growth TR (USD) FRONTIER FRONTRUNNER -10 -15 -20 -25 Sitting once again among the emerging market elite is Kristofer Barrett. The Euro Stars AAA-rated manager previously positioned himself away from the state-owned stranglehold in the developing world and this staunch stance hasn’t softened. ‘One of the main things we continue to do relates to state-owned enterprises,’ says the Swedbank Robur manager. ‘We don’t buy them.’ He explains: ‘Staying away from these state-owned enterprises and state-run businesses has worked well for us over the last three years, so we haven’t changed our style here.’ Barrett’s aversion to dealing with government-led investment opportunities means he has had to pay increased attention when it comes to corporate governance. This topic, he says, is a common talking point for those wary of dipping their toes in the developing world equity market. ‘We have definitely increased our focus on corporate governance and that has helped us in South Africa and Russia. This is most notable Russia, where our increased focus has allowed us to get into the local shares market. ‘I wouldn’t have had the confidence to get into the local markets without having seen this improved corporate governance in Russia. It helped us move into areas early, so we picked up supermarket chain Magnit and consumer electronics group M.Video.’ One new way of approaching Africa, Barrett says, is through the financial markets but not through the typical routes of lending growth or microfinance. ‘We have seen opportunities created by companies such as Coronation Fund Managers, which is another asset management company. This has worked well for us and is an extension of our view that there is potential in the country, and who better to unlock it than asset managers?’ ‘We think South Africa is going to be extremely profitable in the long run,’ the American-born manager says. Recent developments have seen Barrett add to his three funds with a new role on the Global Emerging Markets fund. This has increased Barrett’s workload but he says he is anxious to tap new markets as well. ‘I am still travelling a lot and this is especially true since I have taken on the Latin American coverage as well. I am aiming to go to every Latin American market at least once because it is important to get to grips with the dynamics of new markets. ‘You have to do that. You have to know the investable processes and the investable options. You have to be comfortable with what you know and what you don’t know.’ 28 EURO STARS -30 -35 -40 Feb-11 Feb-12 Feb-13 *Performance of all funds under management NUMBER OF APPEARANCES IN CITYWIRE EURO STARS ‘We think South h Africa is going to be table extremely profitable in the long run’ Feb-14 SOURCE: Citywire & Lipper EQUITIES EMERGING MARKET EQUITIES PAUL PSAILA ERIC CARLSON JEFF URBINA Manager ratio Manager ratio Manager ratio 0.715 0.715 0.713 Paul Psaila has more than 13 years’ investment experience and manages the Morgan Stanley Emerging Europe, Middle East & North Africa fund with Eric Carlson. He joined the company in 1994 before working at the International Monetary Fund as a research associate. He holds a BA in political science from Brandeis University in Massachusetts and a Masters in economic and Latin American Studies from the School of Advanced International Studies at John Hopkins University. Eric Carlson manages the Morgan Stanley Emerging Europe, Middle East & North Africa fund alongside Paul Psaila. He has more than 12 years’ investment experience and joined Morgan Stanley in 1997. Prior to this, he worked at Neuberger Berman as a telecommunications analyst. He has a BA Magna cum Laude in Social Studies from Harvard University and the Juris Doctor from Harvard Law School. Jeff Urbina joined William Blair & Company in 1996 as part of the international growth team and now oversees international small-cap and emerging markets strategy and research. Previously, he was a senior vice president and portfolio manager at Van Kampen. He also served as the director of research and was a member of the investment policy committee for the firm. Prior to joining Van Kampen in 1991, he spent almost 15 years in commercial banking with Citibank. TODD MCCLONE KRISTEL KIVINURM-PRIISALM NICK LANGLEY Manager ratio Manager ratio Manager ratio 0.713 0.708 0.692 Todd McClone is the lead portfolio manager for the William Blair Emerging Markets Leaders and Emerging Markets Small Cap Growth strategies and is a portfolio manager for the Emerging Markets strategy. He joined the company in 2000 and was previously a senior research analyst specialising in international equity for Strong Capital Management and a corporate finance research analyst at Piper Jaffrey. Kristel Kivinurm-Priisalm has been working at Avaron Asset Management as a managing partner and investment manager since 2007. She now co-manages two funds, the Avaron Emerging Europe and Avaron Eastern Europe Fixed Income funds using a value, fundamental bottom-up style. Based in Tallinn, she began her financial career in 1997 at Trigon Capital after studying international business at Concordia International University (now Tallinn Technical University) in Estonia. Nick Langley runs the TG RARE Infrastructure Value fund at RARE Infrastructure using an active investment style. Born in Napier, New Zealand, Nick has worked at AMP Capital in Sydney, UBS in New York and Arthur Andersen in Auckland. He has a Bachelor of Laws degree and a Bachelor of Commerce degree both from the University of Auckland. RICHARD ELMSLIE MEHIS RAUD MALCOLM GRAY Manager ratio Manager ratio Manager ratio 0.692 0.667 0.654 Mehis Raud runs Trigon Capital’s New Europe, New Europe Growth and Balkan funds. He joined the firm in 2003 as an analyst responsible for equities, structured products, derivatives and fx trading and is now a member of the company’s board. He started his career in 2002 with SEB as a payments specialist. Malcolm Gray SGI Pan Africa 10 0 % Growth TR (USD) Richard Elmslie runs the TG RARE Infrastructure Value fund alongside Nick Langley, based in Sydney, Australia. He is a member of the Institute of Chartered Accountants and FINSA and has a Bachelor of Commerce degree from the University of New South Wales. -10 -20 -30 -40 Feb-11 Feb-14 EURO STARS 29 EQUITIES EMERGING MARKET EQUITIES VALDUR JAHT PETER PRIISALM CORNELIS VLOOSWIJK Manager ratio Manager ratio Manager ratio 0.634 0.634 0.633 Valdur Jaht co-manages the Avaron Emerging Europe and Avaron Eastern Europe Fixed Income funds with Kristel Kivinurm-Priisalm along fundamental, value-focused lines. Like his colleague, he started working at Avaron Asset Management in 2007 as a partner and investment manager. Prior to joining the company he worked at Trigon Capital as an analyst and portfolio manager. He studied business administration at the University of Tartu. Peter Priisalm has over 16 years’ experience in investment management, corporate finance and strategic management. He has worked at Avaron Asset Management since 2007 as an investment manager. He is based in Tallinn and studied international business at Concordia International University Estonia. Cornelis Vlooswijk is an emerging markets portfolio manager at Robeco, focusing on Africa. Based in Rotterdam, he manages equity funds with a value investment style. He is a CFA Charterholder and a member of the Dutch Securities Institute, and graduated from the Eramus University in Rotterdam. KATHRYN LANGRIDGE RAJENDRA NAIR Manager ratio Manager ratio Manager ratio 0.596 0.579 0.549 Kathryn Langridge was the the first woman from a British university to be taken on by Hong Kong group Jardine Matheson in 1980. Langridge achieved good performance for the institutional pension schemes under her control. In 1990 she moved to Invesco Perpetual, where she was head of international equity products. In 2007 she joined Lloyd George, and now works at Jupiter, having started in 2010. Rajendra Nair runs the JPMorgan Eastern Smaller Companies fund. He started his career at JP Morgan securities in 2000 and later became vice-president and head of futures and options. After five years, he moved to JF Asset Management as executive director. He graduated from the University of Mumbai. DHIREN SHAH Dhiren Shah is a director and portfolio manager at BlackRock, where he runs the BlackRock Emerging Markets, BGF Emerging Markets and BGF Emerging Markets Equity Income funds. He started his career at Merrill Lynch Investment Managers (now BlackRock) in 2001. He holds a BSc in Economics from University College London. VINCENT LAGGER JIAN SHI CORTESI WILL BALLARD Manager ratio Manager ratio Manager ratio 0.544 0.544 0.537 Vincent Lagger is an executive director and fund manager at Swiss & Global Asset Management having joined the company in September 2009. He began his career at Swiss National Bank as an assistant economist in the international economics department in October 2002. He then moved to JP Morgan’s London office as an intern working in the equity derivatives and European corporates divisions in April 2004. In January 2005, he joined Julius Baer Group and served as associate director. 30 EURO STARS Jian Shi Cortesi is an Asian equity fund manager at Swiss & Global Asset Management. She joined the company in May 2010 and adopts a mix of value and growth investment styles for the funds she runs. Born in Dalian, China, she holds a degree in Business from Beijing Foreign Studies University. Will Ballard has been a fund manager at Aviva Investors in London since 2009, where he runs equity emerging markets and European convergence funds, using small and all-cap investment styles. He is an IMC and CFA and graduated from Cambridge University where he studied Geography. EQUITIES EUROPEAN COUNTRY EQUITIES LUIGI DEGRADA STEFANO ANDREANI MASSIMO TRABATTONI Manager ratio Manager ratio Manager ratio 1.497 1.155 1.070 Stefano Andreani joined Credit Suisse as a fund manager in 2008 and since 2009 he has been head of equities. He started his career in 2004 with Eurizon Capital where he was an assistant portfolio manager and in 2005 he became an equity portfolio manager. He has been managing funds for more than six years and is a CFA Charterholder. Massimo Trabattoni FTSE Italy 20 10 % Growth TR (EUR) Luigi Degrada is head of portfolio management and the lead portfolio manager for Italian funds at Fideuram Investment Managers. Having worked there for a decade, he runs a number of funds, the largest being the Fonditalia Equity Italia fund. 0 -10 -20 -30 -40 Feb-11 Feb-14 ISAAC CHEBAR PLINIO ZANETTI EVE BOUARD Manager ratio Manager ratio Manager ratio 1.022 0.951 0.810 Isaac Chebar is European equity manager at DNCA Finance, where he runs three funds. Prior to this he worked at Aviva Gestion d’ActifsParis, Tocqueville Gestion and SGAM, where he also held the position of European equity fund manager. He graduated from the University of Sao Paulo. Plinio Zanetti currently manages the Credit Suisse Equity Swiss Small Cap Equity fund. He meets regularly with his companies and utilises a network of contacts built up over 30 years. He started his career at Swiss Re, then spent 18 years at Bank Leu before joining Julius Baer where he managed one of their largest European equity funds. He then joined Bank Hopffmann in 2005, before Credit Suisse consolidated its private banks in 2007. Eve Bouard is a portfolio manager at BNP Paribas. She became a securities lending trader at Société Générale Capital Markets in 1995. Two years later, she moved to BNP Paribas Asset Management in a similar role. She became an equity analyst within the international equity investment team in 2001 and joined the European equity team in 2003. She became portfolio manager in 2007, and holds the CIIA certificate from the SFAF (French Society of Financial Analysts). FRIEDRICH ERHART FELIX MEIER BERTRAND PUIFFE Manager ratio Manager ratio Manager ratio 0.746 0.743 0.698 Friedrich Erhart Felix Meier manages the Credit Suisse (Lux) Small and Mid Cap Germany fund and describes his investment style as ‘fundamental bottomup’. He started his career as a trainee at Zurich Financial Services Group in 1998 and joined Credit Suisse Asset Management in 1999 where he is currently a director. Felix is a CFA institute member and Swiss CFA society member. ATX Prime CR 10 % Growth TR (EUR) 0 -10 -20 -30 -40 Feb-11 Bertrand Puiffe has been managing equity funds at Fidelity since 2011 with a contrarian investment style. He was a research analyst for five years at Fidelity before becoming a fund manager, and prior to this he started his career at Rothschild & Cie Gestion in 2000. He has a BA from the Institut d’Etudes Politiques, Bordeaux, and an MA from the Paris IX Dauphine Université. Feb-14 EURO STARS 31 EQUITIES EUROPEAN COUNTRY EQUITIES ALBERTO CHIANDETTI ALBERT COLLETT JÖRG PHILIPSEN Manager ratio Manager ratio Manager ratio 0.686 0.606 0.603 Alberto Chiandetti has been at Fidelity since 2006, where he runs the Fidelity Funds – Italy fund. He uses a contrarian approach, analysing every company from different points of view and studying not only its competitors, clients and suppliers but also profits and performance. He worked for seven years as an equity analyst at Euromobiliare SIM, focusing on the media and transport sectors. Albert Collett has more than 15 years’ experience in the financial industry. He is CIO at Arctic Fund Management and has been running Norwegian equity funds since 2010, typically adopting a fundamental investment style. Prior to this he worked at Alfred Berg Kapitalforvaltning, K-Fondene and Christiania Fonds. He is based in Oslo and studied business at Strathclyde University Business School. Jörg Philipsen joined UBS Global Asset Management in 2005 as an associate portfolio manager in European small and mid caps. Between 2006 and 2011 he became a portfolio manager within the global equities team and is currently responsible for the specialist equities team. He describes his investment style as value/defensive growth but is willing to exploit all styles depending on market environment. GUIDO CRIVELLARO GILLES GUIBOUT CATARINA FERREIRA Manager ratio Manager ratio Manager ratio 0.581 0.569 0.548 Guido Crivello is a fund manager at Symphonia Sicav where he runs the Symphonia Selezione Italia, Lux - Azionario Best Selection and Azionario Italia funds. He started his career in 1991 as a sell-side analyst before becoming the head of research in 1997. He is originally from Milan and studied economics at the Università Cattolica Milano. Gilles Guibout is a portfolio manager on eurozone equity funds and is also responsible for the Euro GARP strategy at AXA. Before joining the firm in 2006, he worked for Sanpaolo Asset Management for 11 years, where he managed French, Italian and Spanish securities and a eurozone portfolio of securities for an institutional fund. He has more than 15 years of fund management experience. Catarina Ferreira runs the Portuguese and Iberian equity fund at BPI Asset Management, a firm she has been with since 2001. She graduated from the Universidade Nova de Lisboa where she studied Finance and Economics. EUROPEAN EQUITIES MARTIN WALKER DEAN TENERELLI JOHN SURPLICE Manager ratio Manager ratio Manager ratio 1.790 1.465 1.304 Invesco Asset Management’s Martin Walker has worked in the equity markets since 1997. In 1999, he joined what was then Perpetual, initially working as part of the UK equity team that assisted Neil Woodford. After a few years as an analyst, he made the move into management with the Invesco Perpetual Children’s Fund, assuming responsibility for the €155 million fund in 2003. He describes his investment style as pragmatic. 32 EURO STARS Dean Tenerelli joined T Rowe Price in 2000 as an equity research analyst and is currently a portfolio manager. Prior to this, he worked as a senior telecommunications analyst at Credit Suisse Asset Management. Between 1995 and 1999, he was an assistant portfolio manager at Artisan Partners. John Surplice oversees pan-European retail and institutional mandates at Invesco Asset Management. He began his career in 1992 with PricewaterHouse, qualifying as a chartered accountant. He joined Invesco in 1995 as a fund manager in the European equities team. He uses a pragmatic, flexible approach to investing. UBP's European Equities team's strong performance has been generated by high-conviction stock-picking and a pragmatic investment approach. ubp.com - ubpperform.com This marketing material is for information purposes only. It is not intended for or use in any jurisdiction where its distribution, publication, or use would be unlawful, nor is it directed to any person or entity to which it would be unlawful to direct it. This is not an offer to buy or sell or as solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. Past performance is not indicative of future performance. EQUITIES EUROPEAN EQUITIES CHRISTIAN DIEBITSCH SAM COSH OLIVER KELTON Manager ratio Manager ratio Manager ratio 1.298 1.284 1.243 Christian Diebitsch is an analyst and portfolio manager at Seilern Investment Management in London. He started out at Axel Johnson & Co in Singapore in 1989 before moving to Cabanco Fondcommission in Sweden. He then worked at Kleinwort Benson Securities, BNP Paribas and WP Stewart. He has been lead manager of the Stryx Europa Fund since October 2009. He studied at the Stockholm School of Economics. Sam Cosh manages small-cap equity funds at F&C using a fundamental stock-picking investment style focusing on buying quality businesses run by strong managers at attractive prices. Prior to joining F&C in 2010, he worked at Fortis Investments (acquired by BNP investments) for six years, having also worked at Baring Asset Management and Invesco Asset Management. He studied at Nottingham University and is a CFA Charterholder. Oliver Kelton joined JOHIM in 2001 as a European equity analyst, and since 2003 he has been managing specialist pan-European equity portfolios. Currently based in London, he has a first class honours degree in economics and politics from Bristol University and is a CFA Charterholder. JOHN BENNETT STEVE CORDELL JOHN BAKER Manager ratio Manager ratio Manager ratio 1.220 1.132 1.025 John Bennett is a senior portfolio manager for European equities at Henderson, which he joined in 2010. He started his career at Ivory & Sime in 1988, where he was a senior fund manager responsible for continental European equity portfolios. He then moved on to GAM in 1993 where he worked his way up to investment director responsible for European markets. He is a member of the Chartered Institute of Bankers in Scotland. Steve Cordell joined Cazenove in 2002 where he is currently a member of the pan-European equity team. He manages the Cazenove Pan Europe Fund using a pragmatic business cycle investment approach. He is a member of the Securities Institute and has been a fund manager for over 14 years. John Baker joined JP Morgan in 1994 and is currently vice president and portfolio manager within the European Equity Group High Alpha Team. His investment strategy is bottom up, best of value or best of growth of the fund. He enjoys horse racing as a means of relaxing when he is not working. Prior to his current role, he had stints as an investment administrator and portfolio manager. WILLEM VINKE ISAAC CHEBAR JONATHAN INGRAM Manager ratio Manager ratio Manager ratio 1.024 1.022 1.015 Willem Vinke joined J O Hambro Capital Management in 2002, where he started out as head of European value products. His most recent responsibility is a combination of equities analyst and fund manager in the London equities team. Before joining JOHCM, he spent 10 years working at the London office of Morgan Stanley. He graduated from the London School of Economics and is a CFA Charterholder. 34 EURO STARS Isaac Chebar is European equity manager at DNCA Finance, and prior to this he worked at Aviva Gestion d’Actifs-Paris, Tocqueville Gestion and SGAM where he was European Equity fund manager. He currently manages the Centifolia Europe Fund along with Grégoire Scheiff. He graduated from the University of Sao Paolo and has been working as a fund manager for 14 years. Jonathan Ingram is a portfolio manager within the high alpha team of the JPMorgan European Equity Group. He is portfolio manager of the JPM Europe, JPM Europe Dynamic ex UK and JPM UK Dynamic funds. His investment style focuses on a bottom-up, best of value and best of growth strategy. He began his career in JP Morgan in 2000 working as a quantitative investment analyst in the currency group. EQUITIES EUROPEAN EQUITIES ROGER MORLEY NICK DAVIS FRANZ WEIS Manager ratio Manager ratio Manager ratio 0.954 0.934 0.914 Roger Morley is a portfolio manager at MFS Meridian running a number of different strategies. He began his career in the financial markets in 1995 working as a financial analyst at Alex Brown & Sons. In 1997 he joined Deutsche Bank where he worked as an associate. He studied at INSEAD gaining an MBA in 1992. He also studied history at Cambridge University. Nick Davis is a fund manager at Threadneedle, which he joined in March 2010. He started his career at Deloitte as a chartered accountant in 2004, and then moved to Sanford Bernstein in 2007 and served as an analyst prior to joining Threadneedle. He studied Economics with French at Durham University and holds the CFA, ACA and IMC designations. Outside of fund management, Nick enjoys golf, rugby and skiing. Franz Weis works as a fund manager at Comgest and is the manager of the Comgest Europe fund, among others. He started his career in 1990 at Baillie Gifford, where he worked as an analyst and portfolio manager. In 1996 he joined F&C Asset Management, where he held the position of senior fund manager. FERAS AL-CHALABI RODERICK JACK MARCEL JONGEN Manager ratio Manager ratio Manager ratio 0.908 0.906 0.906 Feras Al-Chalabi joined Odey in 1999 as a media and technology analyst, before being appointed as deputy manager of Odey’s Japanese Hedge fund from launch in October 2000. Since then, he has been selected to run the firm’s Continental European retail fund as well as its institutional European Allegra fund. He graduated from Oxford. Roderick Jack is the founder of Adelphi Capital. He started his career at LEK Partnership as a corporate strategy consultant in 1985, and after two years he joined SG Warburg & Co. Ltd as an investment banker. Between 1992 and 1997, he served as a managing director and co-manager of European equity funds at Goldman Sachs Asset Management. Roderick established Adelphi Capital after he left Goldman in 1997. He holds an MA in Economics from Trinity College, Cambridge. Dutch-born Marcel Jongen is the co-founder of Adelphi Capital. Prior to establishing Adelphi, he served as a portfolio manager at Philips Pension Fund between 1985 and 1992 and was a comanager of European equity funds at Goldman Sachs Asset Management between 1992 and 1997. Currently based in London, he holds an MA in Public Administration from University of Technology, Twente. ALICE GASKELL ANDREAS ZÖLLINGER BRIAN HALL Manager ratio Manager ratio Manager ratio 0.898 0.898 0.890 Alice Gaskell has been managing funds for more than 14 years. She is a managing director and portfolio manager at BlackRock and is a member of its Style Diversified European Equity team. She started her career in 1994 with Merrill Lynch Investment Managers (MLIM), which became BlackRock following the merger with MLIM in 2006. At MLIM, she was responsible for managing Europe ex UK and eurozone equity portfolios. Andreas Zöllinger joined BlackRock in 2001. He has been managing funds for more than seven years and is a chartered financial analyst. He started his career as a trainee with a major German bank. He is a graduate of both the University of Munich and the University of Edinburgh. Hailing from Calgary in Canada, Brian Hall has been running European equity funds at BlackRock since August 2007. He runs all-cap funds with a value strategy. Prior to joining BlackRock, he worked for Lehman Brothers for nearly eight years. Now based in London, he is a CFA Charterholder. EURO STARS 35 EQUITIES EUROPEAN EQUITIES EVA FORNADI ARNAUD COSSERAT LAURENT DOBLER Manager ratio Manager ratio Manager ratio 0.890 0.874 0.868 Eva Fornadi graduated from the International Business School in Budapest in 2004 with a Bachelor’s Degree in Business Studies issued by Oxford Brookes University in the UK. She then moved to France, joining Comgest as an analyst in 2005. Eva now holds the position of portfolio manager, specialising in European equities. Arnaud Cosserat is a fund manager and director at Comgest, which he joined in 1996. He graduated from ESSEC Business School. He started his career at Banque Paribas as an analyst in 1989. In 1992, he moved to Oddo & Cie as an analyst. One year later he joined Athena Finance, where he started his career as a fund manager. Laurent Dobler has been managing director and fund manager at Comgest since 1991. He started his career in 1986 with Banque Paribas in Geneva, Switzerland, as an analyst/ portfolio manager specialising in the German stock market. In 1989, he joined Banque Privée Edmond de Rothschild (Geneva) as a strategist. MICHAEL CONSTANTIS BARRY NORRIS ALISTER HIBBERT Manager ratio Manager ratio Manager ratio 0.862 0.842 0.816 Michael Constantis joined BlackRock in 2005. He has been working in the investment industry since 2001, starting out at Deutsche Asset Management. Barry Norris is a European equity investor through his management of the Argonaut European Alpha funds (2005- present) and previously the Neptune European Opportunities Fund (2002-2005). He is a fundamental stockpicker who runs concentrated portfolios of high conviction ideas. Norris joined Baillie Gifford as an investment analyst in 1998. A move to Neptune Investment Management in 2002 saw him launch his first fund. Norris went on to co-found Argonaut Capital Partners. Alister Hibbert manages the European Dynamic and Continental European Flexible funds for BlackRock, which he joined in 2008. Starting out in 1994 with Ernst & Young, he joined Invesco Perpetual in 1996, where he remained until 2004. This was followed by positions at Oechsle International and Scottish Widows, where he was an investment director. EVE BOUARD SCOTT MEECH ROB JONES Manager ratio Manager ratio Manager ratio 0.810 0.808 0.808 Eve Bouard is a portfolio manager at BNP Paribas. She started her career as a securities lending trader at Société Générale Capital Markets in 1995. Two years later, she moved to BNP Paribas Asset Management in a similar role. She was promoted to portfolio manager in 2007, and holds the CIIA certificate from the SFAF (French Society of Financial Analysts). She graduated from the Ecole Supérieure de Commerce, in France, in 1995. 36 EURO STARS London-based Scott Meech works at Union Bancaire Privée as co-head of European equities where he runs his strategies with a pragmatic investment style. Prior to joining UBP in 2010, he worked at Threadneedle Asset Management for 22 years as a portfolio manager and as the head of global resources research. Meech has a degree in economics from City University in London and is a CFA Charterholder. He was born in Bristol and outside of work his interests include rugby, cinema, music and fishing. Rob Jones has been with Union Bancaire Privée since 2010 and runs the UBAM European Equity Fund. He started his career with the Central Finance Board of the Methodist Church as a trainee fund manager. He also worked for Royal Insurance Asset Management initially as a UK equities analyst before being promoted to assistant fund manager. He joined Threadneedle in 1996 as a fund manager and worked in the pan European team. He holds a degree in business studies from the University of Brighton. EQUITIES EUROPEAN EQUITIES MICHAEL CLEMENTS STEPHANIE BUTCHER CLAIRE RODRIGUE Manager ratio Manager ratio Manager ratio 0.797 0.797 0.795 Michael Clements has more than 12 years’ investment experience, including eight years at UBS Global Asset Management. He employs a core growth strategy in his European growth fund and, as a bottom-up manager, he places an emphasis on superior stock selection. He studied at the University of Warwick and is a CFA Charterholder Stephanie Butcher began managing US portfolios at Lazard before moving to Aberdeen Asset Management in 1997. She joined Aberdeen’s European desk in the summer of 1998 after a brief spell as a North American fund manager. She moved to Invesco in 2003 to become a fund manager on the group’s European equities team. She began her career in finance at Lazard Brothers in October 1993 having studied at Cambridge University. Claire Rodrigue joined Montsegur Finance in 2012 and manages the Monsegur Croissance fund with a GARP/Growth investment style. Prior to that she was at Comgest SA, which she joined in 1999, where she was a European fund manager and director. She has been managing funds for over 25 years and is a member of the Centre de Formation à l’Analyse Financière. PETER MOESCHTER DYLAN BALL DAVID ROBINSON Manager ratio Manager ratio Manager ratio 0.793 0.793 0.766 Peter M. Moeschter is an executive vice-president and joined the Templeton organisation in 1997. He is a portfolio manager with responsibility for institutional and retail clients with global equities mandates. He has sector research coverage of global food and household products, European utilities and country coverage of Germany. He is the sector team leader of global utilities. Prior to joining Templeton, he was a research analyst at the Workers’ Compensation Board of Ontario. Dylan Ball is a senior vice-president and portfolio manager for a number of retail and institutional global equity portfolios at Franklin Templeton. He has global research responsibilities for industrial conglomerates and life insurance companies and provides country research coverage of Eastern Europe. Prior to joining Franklin Templeton in 2007, he worked as a research analyst at Credit Suisse First Boston and subsequently, Execution Limited. David Robinson is a fund manager and investment analyst at Dalton Strategic Partnership where he runs equity portfolios with a defensive growth and cyclical growth investment style. Before joining Dalton in 2005, he worked at Freshfields Bruckhaus Deringer LLP for two years as a trainee solicitor. He studied modern history at New College, Oxford University. He was born in Swindon and is currently based in London. IAN KELLY VAFA AHMADI CLEMENT MACLOU Manager ratio Manager ratio Manager ratio 0.754 0.750 0.750 European equity analyst and portfolio manager, Ian Kelly started his career at Schroders in 2007. He also runs institutional mandates and within his investment strategy he uses dividend yield with enhanced income through a covered call overlay strategy. Ian is a CFA charterholder and also holds a PhD in Biophysics from Newcastle University. Vafa Ahmadi joined CPR Asset Management in 2006 first as Head of Direct Investments Global Balanced Team and then in 2009 as Head of European Thematic Equities. He began his career in 1997 at BNP Gestion as a French Equity Portfolio Manager. He moved to Deutsche Asset Management as a European Equity Portfolio Manager (1998-2004), then to Aurel Leven, as Director of Institutional Management. He is a SFAF (French Financial Analysts Society) graduate and member. Clement Maclou is a European equity portfolio manager at CPR Asset Management. He manages the CPR Silver Age Fund that he describes as a thematic equity fund for which the best environment is a growth market. Prior to joining CPR Asset Management in 2005, he worked for a year at Martin Maurel Gestion. Based in Paris, he studied at IAE in Aix en Provence and is SFAF certified. EURO STARS 37 SPONSORED STATEMENT COMGEST’S EUROPEAN GROWTH STOCKS ARE NO FLASH IN THE PAN European equity valuations rallied in 2013 despite weak earnings growth. Comgest’s stocks delivered better news Just over 50% of Europe’s listed stocks have reported their Q1 earnings so far. Most are in line with expectations, although the bar has not been set very high. Valuations may have risen, but earnings and growth still look weak. ‘In 2014, the consensus forecast is that corporate earnings growth will continue the downward trend it has followed for the last three years. There are lots of excuses - low growth in Europe and the US, the Ukrainian situation or slowing emerging market economies,’ explains Franz Weis of Comgest’s European Equity team. ‘Our investment process is hands on and real’ Yet he and his colleagues Arnaud Cosserat, Eva Fornadi and Laurent Dobler have reason to be cheerful. Their portfolio choices continue to deliver higher and more sustainable underlying growth rates than the market. Around 60% of their selected firms have already reported. Excluding currency fluctuations and M&A activity, growth is around 7%. Full-year numbers should be in line with the 7.4% growth rate posted by Comgest’s European portfolios in 2013. The team points out that 7% growth looks good against the current economic outlook. Inflation is low, meaning firms struggle to raise prices and revenue levels. Consumer stocks face tough conditions in Europe and abroad. Any growth from laggards such as L’Oréal (sales +3.5% YoY) or Jeronimo Martins’ 38 Portuguese and Polish supermarkets (sales +5.6% YoY) is to be applauded. ‘At least five holdings are in double-digit territory. They are all company specific, growing in their niche markets and often relying on long-term trends that are unaffected by global conditions. Their success is impervious to economic conditions,’ says Laurent Dobler. Among the stronger performers is Wirecard, the payment service provider that is benefiting from the uptake of online shopping. It is also a leader in mobile payment systems, a line that strongly contributes to revenue growth. Excluding acquisition activity, the European Equity team believes the company’s annual growth rate is 18%. Food ingredients group Christian Hansen is also posting double-digit growth, as producers clamber for its cultures, enzymes, and natural colours for human and animal food products. Growing demand for hidden ‘sanitary systems’ (or sinks, showers and toilets) at plumbing specialist Geberit is no flash in the pan either. Sales grew 9.6%. Operating profit grew even faster, closer to 20%, despite a heavy reliance on Europe’s sluggish construction industry. These results are all the more remarkable given the strength of the euro and f/x volatility, particularly in emerging markets on which many European corporates rely. ‘There have been some dramatic f/x hurdles. It affects local consumer purchasing power and corporate results when converted back to European currencies. The f/x effect seen in Q1 will continue into Q2, but pure growth levels should be clearer after that,’ says team member Eva Fornadi. ‘The impact of M&A activity should also be more visible as acquisitions bed in and currencies calm down. European companies have a lot of cash and are now more confident to take big strategic decisions. That makes sense,’ says Franz Weis. VALUE CREATION WITH QUALITY GROWTH COMPANIES Strong and sustainable sales growth Quality: Pricing Power Strong and sustainable EPS growth Disciplined Valuation Strong and sustainable value creation for shareholders r"VUPOPNPVTHSPXUI r.FHBUSFOET r6OJRVFQSPEVDUTPSTFSWJDFT r4USPOHGSBODIJTF r-PXTFOTJUJWJUZUPFDPOPNJDDZDMFT r3FDVSSJOHSFWFOVF r*OEFQUISFTFBSDI rZFBSHSPXUINPEFM r$BVUJPVTBTTVNQUJPOT SPONSORED STATEMENT ‘It works two ways. If companies have sluggish growth, they can boost it by acquiring - so fast growth and niche players are attractive. Our stocks are cash-rich too. Many, such as Essilor, are serial acquirers that snap up competitors to reinforce their own barriers to entry,’ he says. Recent acquisition Bayer is a good example. The pharmaceutical giant is buying Merck’s consumer division for $14.2 billion. That may not add dramatically to earnings growth now but is expected to in the future. New products and divesting of non-core businesses will also give the company more focus on growth stories. Arnaud Cosserat ‘The success of our holdings is impervious to economic conditions’ Across the Comgest equity portfolios, each stock must have a distinctive, defendable and sustainable product or service. Each must also deliver strong earnings growth to the benefit of the fund and its shareholders - just like a well-run conglomerate. ‘We do not actively invest on the macro fundamentals. Of course, we are macro-aware but our investment process is hands on and real. It is about meeting with company management, not just sitting behind a screen,’ says Arnaud Cosserat, investment advisor to the Comgest Growth Europe fund. ‘The fund is grounded in reality, not speculation. We hold an average of 30 companies at one time and we have only held 100 companies in total over the last 20 years. In truth, there are few companies that deliver the outstanding sustainable growth we seek,’ says Cosserat. Even so, the macro picture is important. Sluggish global growth and virtually none in Europe have left the European equity market ‘fat and flat’. Volatility and mark-downs may hit the market for the rest of this year. The European Equity team tackles these issues by seeking “autonomous growth” which does Franz Weis not depend on the macro environment. Their favourite stocks are less likely to need bank financing which is in short supply across Europe. They are also innovative, with a strong research trait, and hungry to extend into new territories. Elekta of Sweden and Essilor of France are good examples of tireless innovators. Elekta recently combined its expertise in cancer radiotherapy with X-ray technology from Philips. The result will be more accurate treatment for patients. Essilor, a very long-term holding, delivers new eye lens solutions like clockwork. The stocks in the Comgest Growth Europe fund are growing faster than the market average. Yet that does not mean they are taking greater risks. The team likens them to “Swiss Clocks” - regular and dependable, with a reassuring tick. Not every company in Europe is so lucky, hence the portfolio’s underexposure to chemicals, raw materials and commodities, all markets where customers can go elsewhere and pricing power is easily eroded. The true test is fund performance. Between December 2007 and the end of April 2014, the MSCI Europe index registered a rise of just 10.7% (net, in euro). The Euro Class of Comgest Growth Europe rose over 50% during the same period. The team sees no reason why such results cannot be replicated. They see over 1,000 companies per year and new ideas continue to appear. Eva Fornadi Laurent Dobler Stocks held in Comgest Growth Europe share many characteristics with those in the Comgest Growth Greater Europe Opportunities fund, an incubator for smaller, faster growing companies that may eventually find themselves in the larger portfolio once their quality credentials are fully established. These “opportunities” stocks tend to have lower cashflow ratios and smaller profits as they establish their business models, but still boast impressive levels of profitability and sound balance sheet characteristics compared to the overall European market. ‘Stocks in the Comgest Growth Greater Europe Opportunities fund grow their earnings more dynamically but we have to take a bit more risk as a side effect. Even so, the fund is less volatile than the index,’ says Eva Fornadi who advises the fund with Franz Weis and Rebecca Kaddoum. Selecting the right opportunities is a long process. It can take five years for a stock to be robust enough and cheap enough to find a home in either portfolio. Spotting the earliest growth stocks is riskier, yet still adds to performance. To counter higher stock risk, the opportunities fund is more diverse by company and country. It typically holds up to 45 stocks, with stock weightings rarely exceeding 5% of the whole portfolio. Since launch in 2009, the fund has delivered an annualised return of 16.7% against 11.2% for the MSCI Europe index (net in euro as at 31/04/2014). 39 EQUITIES MARTIN WALKER, INVESCO EUROPEAN EQUITIES Martin Walker rejects the idea that QE has inflated the equity market to unsustainable levels WALKER’S THREE-YEAR CITYWIRE TRACK RECORD* Martin Walker FTSE World Europe 60 50 40 % Growth TR (EUR) INVESCO’S WALKER FINDS CONSISTENCY IN VALUE-PICKING MODEL 30 20 10 0 -10 Citywire AAA-rated Martin Walker is responsible for the management of a number of UK and European equity portfolios at Invesco. He defines his investment style as ‘value-oriented’ and always looks for a ‘valuation reason’ to hold a stock as he doesn’t invest by theme or chase specific shares. ‘The key of Invesco’s approach is our expertise. We have a great corporate access, a team of well-trusted analysts and the habit of directly meeting the corporates’ managements,’ he says. ‘We are long-term investors who look at a three- to five-year investment horizon. We take a company and analyse its growth potential. We balance the opportunities for upside against the risks we perceive in the business. Then we evaluate it. We tend to find opportunities in undervalued shares with interesting perspectives.’ -20 Feb-11 Feb-12 Feb-13 *Performance of all funds under management Feb-14 SOURCE: Citywire & Lipper NUMBER OF APPEARANCES IN CITYWIRE EURO STARS BRITISH BARGAINS Walker is increasingly finding good opportunities in the UK. Companies such as HSBC and BP are among his top holdings. ‘We find value in sectors where we spy long-term growth potential, like pharma and oil. Our favourite bets are companies like Roche, Novartis and Shell,’ he said. ‘On the other hand, we tend to avoid making sector calls on very diverse sectors such as industrials. In these areas, we focus very much on individual stock selection.’ In the first half of the year, he reduced his exposure in UK cyclical stocks because of a possible interest rate hike by the Bank of England in early 2015. What is more, he has slowly started to change his allocations to invest back in companies such as Rio Tinto, Land Securities and British American Tobacco. AGAINST ORTHODOXY The equity market is offering higher returns than the bond market because companies’ cashflow is genuinely growing, according to Walker. The manager does not believe that everything derives from the central banks’ loose monetary policies. ‘I reject the orthodoxy that quantitative easing has inflated the equity market to unsustainable levels,’ he says. 40 EURO STARS ‘I reject the orthodoxy that quantitative easing has inflated the equity market to unsustainable levels’ TWO EUROPEAN FUNDS, ONE MISSION Walker says the approach has worked across both funds, despite them operating with different investment styles. The Invesco Pan European Equity Fund, which has €3.55 billion in assets, is the more balanced and diversified, Walker says. ‘It holds around 70 stocks and focuses more on large caps.’ On the other hand, the Invesco Pan European Focus Equity Fund focuses more on small and mid caps and collects the team’s best ideas and boasts a more aggressive approach. EQUITIES EUROPEAN EQUITIES PASCALE HUARD CHRIS GARSTEN NIALL GALLAGHER Manager ratio Manager ratio Manager ratio 0.740 0.726 0.714 Pascal Huard Chris Garsten has been manager of the 2CG European Capital Growth Fund since 2001. Before this he worked for Credit Suisse for 10 years, and as investment director there between 1997 and 2000. He holds the SFA Investment qualification and the Institute of Investment Management and Research qualification. FTSE World Europe 40 % Growth TR (EUR) 30 20 10 0 -10 Niall Gallagher joined GAM in 2009 and works on its European equity funds. He began his career in 1995 as an economist at the Bank of England. Three years on, he joined Merrill Lynch to work on the group’s global and European desks. He joined T Rowe Price in 2007 before moving to GAM. -20 -30 Feb-11 Feb-14 HEATHER ARNOLD FABIO DI GIANSANTE MARK DENNING Manager ratio Manager ratio Manager ratio 0.713 0.697 0.696 Heather Arnold is the director of research for Templeton Global Equity Group, as well as a portfolio manager and research analyst, based in London and Edinburgh and has 28 years of experience in the investment industry. She manages institutional and retail equity portfolios and has research responsibilities for Japan and Russia. Prior to joining Templeton, she was a managing director for Goldman Sachs Asset Management. Fabio Di Giansante is an equity portfolio manager within the concentrated equity team at Pioneer Investments. He joined Pioneer in 2006 from Crédit Agricole Asset Management, where he was a European equity portfolio manager. Before this, he worked in the same position with Nextra Investment Management for five years. He holds a degree in economics and finance from the University of L’Aquila, Italy. Mark Denning is a co-manager on Capital Group’s European Growth and Income fund, bringing more than 30 years’ investment experience to the role. He tends to take a more micro-orientated view with regards to stock selection, and often carries out his own company research when searching for investment ideas. He attended Columbia Business School where he received an MBA in finance and international business and is now based in London. L ALFONSO BARROSO MATT SIDDLE THORSTEN PAARMANN Manager ratio Manager ratio Manager ratio 0.696 0.680 0.655 L Alfonso Barroso is a portfolio manager at Capital Group, where he is co-manager on the firm’s Capital International European and Growth fund. With more than 18 years in the investment industry, he has spent the whole of his career in the sector at Capital Group, having begun as an equity investment analyst. He focuses on highquality companies when carrying out his stock picking, especially those that are undervalued by the market. Born in the United States, he is now based in London. Matt Siddle is a fund manager at Fidelity where he manages the Fidelity European Growth fund. He joined the the group in 1999 as an analyst covering insurance, financials, technology and media. He graduated from Cambridge University with a BA degree. Thorsten Paarmann joined Invesco in 2004 where he works as a senior portfolio manager. He runs a number of funds, the largest being the Invesco Pan European Structured Equity fund. He started his career in financial services at Cominvest Asset Management GmbH as a product manager for a range of funds for institutional investors. EURO STARS 41 SPONSORED STATEMENT EUROPEAN VALUE AND QUALITY Willem Vinke, manager of the E.I. Sturdza Strategic Europe Value Fund, delivers on his promise Willem Vinke has been investing in European equities for over 20 years. His value and quality strategy works, investing in cash generative, high-return-on-capital businesses that are aligned to shareholder needs and come at an attractive discount. ‘I work on first principles, based on proprietary research, its operational cash flow, free cash flow and discounted value,’ says Vinke. He imposes a strict rule of only investing in companies that he believes are trading at a 30% to 40% discount to maximise investor returns. The process also dictates Vinke’s sell-discipline, avoiding emotional attachment to individual firms. ‘The value approach is driven by the numbers. It ensures the E.I. Sturdza Strategic Europe Value Fund is indexagnostic and allows the portfolio to be relatively concentrated in 25 to 35 names,’ he says. The fund, launched in October 2010, is not driven by value alone. Vinke prefers high quality businesses with pricing power. Strong dividend, mergers and acquisition policies and share buyback schemes indicate that corporate behaviour is aligned with his investors’ interests. ‘The value approach is driven by the numbers’ E.I. STURDZA INVESTMENT FUNDS E.I. Sturdza is an independent investment fund business with a proven track record of offering high conviction, award-winning strategies to institutional and private clients. Total assets in its OEIC and UCITS IV funds are US$2.2 billion. (*) The fund offering includes long only and long/short single manager funds in country and regional, developed and emerging strategies. Investment managers work independently, with rigorous risk management and compliance oversight provided by E.I. Sturdza. More details about E.I. Sturdza Strategic Europe Value Fund and other funds at www.eisturdza.com. (*) As at end March 2014. 42 Quality is paramount. Vinke says that much of the alpha he has delivered over the last 20 years has come from quality stock picks rather than pure value plays. Since launch, the E.I. Sturdza Strategic Europe Value Fund has delivered annualised returns of 15.53% against 10.64% for the MSCI Total Return index. Longer term, including his own personal investments which follow the same strategy, Vinke’s alpha delivery is even more impressive. You always look for the best bang for your buck. Get the stock right and you will generate alpha. But you do not want to be wiped out if a stock goes wrong, so the Willem Vinke Portfolio Manager strongest convictions are limited to 4%,’ says Vinke. He admits that finding deeper value stocks is harder now than it was three years ago. Before the rally, stocks were undervalued by as much as 50%. Sentiment is vastly improved, yet pockets of value still exist. ‘The portfolio avoids capital intensive sectors like oil and gas, commodities, commercial banks, insurers and regulated utilities,’ says Vinke. The fund has a natural consumer bias, along with solid exposure to IT, healthcare and support services. All holdings must have strong returns potential to make it to final selection. Vinke says the portfolio’s average EBIT margin is around 27% against an MSCI Europe average of under 10%. Post-tax returns on capital average 20%, versus just 3.5% for the index. BEIERSDORF AG is a typical consumer holding with solid margin expansion prospects. The name may be unfamiliar to many investors, but its core brand Nivea should be familiar. The iconic brand is a world leader, bigger than L’Oréal in the skincare sector. The global skincare market is growing at 6% per year, but Nivea’s share price by 8% per year. Vinke says tight cost control is already pushing up margins. From 11%, margins hit 14% in Q1 2014, with a target of 16% by 2016. EQUITIES EUROPEAN EQUITIES NICOLAS WALEWSKI ANDREW ARBUTHNOTT JAMES RUTHERFORD Manager ratio Manager ratio Manager ratio 0.645 0.645 0.640 Nicolas Walewski founded Alken Asset Management in 2006 and manages the Alken European Opportunities fund. He joined Credit Lyonnais in 1993 as a currency options portfolio manager. After this, he moved to Frankfurt and became an index options portfolio manager and a buy-side analyst specialising in media and information. In 1998, he joined Banque Syz and became fund manager of the Oyster European Opportunities fund. Andrew Arbuthnott became a portfolio manager at Pioneer Investments in November 1999. He began his fund management career at Martin Currie in 1993, mainly taking charge of European (excluding UK) portfolios for North American pension fund clients. James Rutherford is a fund manager at Hermes Investment Management with a stock-picking and thematic style that includes momentum and growth. He invests in his own strategies and he prefers fundamental driven markets to implement them. To manage risk, the systems he uses are Style Research, multiframe and Barra. Prior to Hermes, which he joined in 2006, he worked for Fidelity for 18 years. PATRICK VERMEULEN BELTRAN LASTRA VICTOIRE DE TROGOFF Manager ratio Manager ratio Manager ratio 0.635 0.625 0.614 Patrick Vermeulen joined JP Morgan Asset Management in 1999 where he is currently head of the European equities desk. Prior to this he worked at Schroder Investment Management where he was joint head of European research and a fund manager. He graduated from VLEKHO in Brussels. Beltran Lastra is currently a portfolio manager at JP Morgan Asset Management having joined in 1996. He started out working in the hybrid derivatives risk management team before transferring to asset management in 1999. He currently manages UK and European equity funds. He graduated from Universidad Pontificia de Comillas, in Madrid, and is a CFA Charterholder. Paris-based Victoire de Trogoff joined Fidelity in 2002 where she runs the Fidelity Europe Fund. Prior to joining Fidelity she worked at Merrill Lynch for three years and also spent three years at NatWest. She graduated in finance from Dauphine University and City University of New York. She is a member of SFAF, the Société Française des Analystes Financiers. DAVID DUDDING MICHAEL CLARK TIM STEVENSON Manager ratio Manager ratio Manager ratio 0.603 0.587 0.575 David Dudding manages the Threadneedle European Smaller Companies fund, having joined in 1999. He describes his investment style as predominantly growth at a reasonable price. He started out in Hong Kong in 1993, working for John Swire and Sons, a multidisciplined commercial group. In 1997, he took time out to do a master’s degree in philosophy at Oxford University. Michael Clark runs the Fidelity Income Plus and Enhanced Income funds, having joined Fidelity International in 2002. He started out working as an analyst for Morgan Grenfell in 1986. After a two-year stint, he joined Enskilda where he worked until 1994 before joining JP Morgan. An economics graduate from Cambridge University he has been working in investment management for well over two decades. Tim Stevenson joined Henderson Global Investors in 1986 as a fund manager focusing on Europe with responsibility for overseas clients. He was named director of European equities in 1991 and manages the Henderson Horizon Pan European Equity fund. He constructs the Luxembourgdomiciled SICAV’s portfolio according to top down sector and theme selection and also manages the Eurotrust investment trust. EURO STARS 43 EQUITIES EUROPEAN EQUITIES GILLES GUIBOUT KENNETH NICHOLSON DAN ISON Manager ratio Manager ratio Manager ratio 0.569 0.556 0.554 Gilles Guibout is a portfolio manager on eurozone equity funds and is also responsible for the Euro GARP strategy at AXA. Before joining the firm in 2006, he worked for Sanpaolo Asset Management for 11 years, where he managed French, Italian and Spanish securities and a eurozone portfolio of securities for an institutional fund. He has more than 15 years of fund management experience. Kenneth Nicholson manages the European Smaller Companies Fund at Standard Life Investments using bottom-up stock-picking as his investment style. He has been a fund manager for just under a decade, but has been working in financial services for over 20 years. He started as an equity analyst at Aegon Asset Management before taking various sales and marketing roles at Aegon, Franklin Templeton and finally Standard Life Investments. He is a CFA Charterholder. Dan Ison joined Threadneedle in 2007 where he is currently the head of pan European equities. He started his career in 1994 with Baring Asset Management where he was director and fund manager. He joined Beaumont Capital/ Schroders in 2001 as a partner and director, and later joined Clareville Capital where he was a partner. He holds the Investment Management Certificate and graduated from the University of Oxford with a BA in chemistry. BENJAMIN STONE Manager ratio 0.531 Benjamin Stone joined MFS in 2005 and runs the MFS Meridian European and Global Value funds. He started his investment career more than 15 years ago when he spent nine years as an analyst at Schroders. He left Schroders in 2005. A graduate of Durham University, outside of work he enjoys golf, tennis, chess and rugby. GLOBAL EQUITIES GILES WARREN IAN HESLOP ROGER MORLEY Manager ratio Manager ratio Manager ratio 1.466 0.956 0.954 Giles Warren joined Seilern Investment Management in 1997. He runs mid- and largecapitalisation global equity funds as well as institutional mandates and uses a quality growth investment style. After attending Marlborough College, Warren studied at Edinburgh University. 44 EURO STARS Ian Heslop is head of quantitative strategies at Old Mutual Asset Management. He started his career in the financial industry in 1997 when he joined Barclays Global Investors. He holds a BA in chemistry from Oxford University and a PhD in medicinal chemistry from Edinburgh University. He was born in South Shields in the United Kingdom in the early 1970s. He is a member of ASIP and outside of fund management he likes to unwind by playing squash and football. Roger Morley joined MFS Meridian as a research analyst in February 2002 and is now a portfolio manager, running a number of different strategies. He began his career in the financial markets in 1995 working as an analyst at Alex Brown & Sons. In 1997 he joined Deutsche Bank, where he worked as an associate. He studied at INSEAD. EQUITIES GLOBAL EQUITIES JONATHAN ASANTE DAVID GAIT AMADEO ALENTORN Manager ratio Manager ratio Manager ratio 0.921 0.920 0.900 After nine years at Framlington, Jonathan Asante joined First State Investments in 2004 as a senior analyst and became head of global emerging market equities after co-managing GEM portfolios with Angus Tulloch. He started his career at Framlington as a global emerging markets fund manager and group economist. David Gait joined Stewart Ivory, later bought by First State Investments, in 1997. He is responsible for its emerging markets and Asia Pacific strategies and is the lead manager on the Asia Pacific Sustainability and Indian Subcontinent funds. He has been managing funds for 11 years. He holds a BA from Cambridge University and an MSc from Stirling University. Amadeo Alentorn joined Old Mutual in 2005. He is a fund manager in the global equities team, and is also responsible for directing the quantitative research programme. He has extensive experience in investment, quantitative research and software development. Prior to joining Old Mutual, he developed simulation models for systemic and liquidity risk at the Bank of England and worked as a software developer for CAD systems. He is a CFA Charterholder. MIKE SERVENT DANIEL O’KEEFE DAVID SAMRA Manager ratio Manager ratio Manager ratio 0.900 0.885 0.885 Mike Servent joined OMGI in November 2004 from Barra International where he was a senior consultant specialising in the implementation of multi-asset class risk systems. Prior to this he spent five years with COR Risk Solutions, which developed optimisation, back-testing and modelling software. At COR he worked as commercial development manager as well as undertaking research projects with various clients. He has an MA from Oxford University. Daniel J. O’Keefe is lead portfolio manager of the Artisan Global Value strategy, which he has managed since the portfolio’s inception on 1 July 2007. In addition, he is portfolio co-manager of the Artisan Non-US Value strategy, which he has co-managed since October 2006. Prior to becoming portfolio manager in 2006, he was a research analyst for the Artisan Global Value team since its inception in 2002. David Samra is lead portfolio manager of the Artisan Non-U.S. Value strategy, which he has managed since the portfolio’s inception on 1 July 2002. He is the portfolio co-manager of the Artisan Global Value strategy, which he has comanaged since its inception on 1 July 2007. Prior to joining Artisan Partners in May 2002, Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP, from August 1997 through May 2002. ARNAUD COSSERAT DAVID MANNHEIM JEREMY LANG Manager ratio Manager ratio Manager ratio 0.874 0.852 0.843 Arnaud Cosserat is a fund manager and director at Comgest, which he joined in 1996. He graduated from ESSEC Business School. He started his career at Banque Paribas as an analyst in 1989. In 1992, he moved to Oddo & Cie as an analyst. One year later he joined Athena Finance, where he started his career as a fund manager. David Mannheim is senior vice-president and director of core equity portfolio management and portfolio manager of global equity funds at MFS International. He started his financial career as a lending officer for the Midlantic National Bank. He then joined MFS in 1988 as an equity research analyst and was promoted to portfolio manager in 1992. Jeremy Lang has an eponymous investment strategy, the Lang Approach. He sorts his investment candidates by looking at the analysts who follow them – not because they have an inside edge that demands respect but because they are often, and predictably, wrong. Lang’s studies show companies in which analysts consistently underestimate earnings perform relatively well, whereas those where analysts get their numbers too high generally perform badly. EURO STARS 45 SPONSORED STATEMENT ASIAN EQUITIES HEADWINDS CREATING OPPORTUNITIES A time for review and portfolio rebalancing in Asian small caps ABOUT PINEBRIDGE INVESTMENTS PineBridge is a global asset manager with nearly 60 years of experience in emerging and developed markets, delivering innovative alpha-oriented strategies across asset allocation, equities, fixed income and alternatives. PineBridge manages over US $71.4 in AUM worldwide as of 31 March 2014. We believe Asian small caps can offer good long term prospects despite current volatility. Investors tempted to reduce their exposure to Asian equities for the relative safety of US or Europe may be taking an overly short-term a view on the markets. Holding onto existing strong candidates and paring back weaker business models is key. Experience and an on-the-ground presence are vital, explains Elizabeth Soon, Head of Asia ex-Japan Equities at PineBridge Investments. ‘The market has seen some turbulence after the strong small cap rallies of last year. But market dips are a time to buy on fundamentals, not a time to flee,’ she insists. Nonetheless, she admits that Asian investors face headwinds. The first half of this year may be difficult, particularly so with elections in India and Thailand. Chinese data points are still mixed and the renminbi has fallen in value. Soon believes that letting the currency drift downwards is a useful boost for longer term structural change in the economy. There are more overtly positive moves in China too. The anti-corruption drive has been extended. The revamp of the country’s vast number of state-owned enterprises (SOEs) might cause short-term pain for long-term gain. 1 ‘Investors often sell everything in the face of uncertainty. I disagree with that strategy. If markets are emotional, but the fundamentals still in place, sometimes doing nothing is the best thing to do,’ she says. Doing “nothing” does not mean being idle. Hong Kong-based Soon and her team have been busy reviewing their investment cases, taking profits and adding to their strongest positions. Having lived through the Asian crisis, they know this is not a time to panic. With competition for consumer and industry spending rising, Soon’s selected firms need a strong business model to survive. ‘In competitive markets and slowing growth, margins get crushed. I am convinced that companies with strong R&D, solid distribution networks and business models will do well. Only they can afford to charge more for their quality products and are market share gainers. Everyone else fights on price,’ she says. Asian markets may be volatile, but Soon believes there will be an attempt to distinguish between quality players and the rest of the pack in the long term. She has trimmed back holdings in volume players who face the strongest headwinds from competition. Niche players, such as those innovating component technology for smartphones, are keepers for the long term. ‘Trends are hard to come by. When you identify one and it has not yet run its course, you hold on - like many companies benefitting from long term structural changes in the Chinese economy. On the contrary, the smartphone has now become a commodity, not a state of the art technology, so we need to avoid being caught up on the volume game. We need to understand the component food chain to benefit from the variation of smartphone products. But don’t forget the basics Elizabeth Soon Managing Director - Asia ex-Japan Equities PineBridge Investments, Hong Kong too. The growing consumer demand in emerging Asia will benefit traditional companies in the food and beverage sector,’ says Soon. She is not the only one spying quality company purchases. Soon says there has been an uptick in acquisition activity across the region. There are similarities to the spike in M&A of 2008/2009 when eagle-eyed global firms snapped up Asian rivals on the cheap, proving that attractively-priced Asian Small Caps are still a smart long-term investment. FUND HIGHLIGHTS The PineBridge Asia Ex Japan Small Cap Fund seeks to offer r$POTJTUFOUPVUTUBOEJOHQFSGPSNBODFXJUI first quartile ranking among its peer2 r%ZOBNJDJOWFTUNFOUQSPDFTTBOEMPDBM insights seek out overlooked alpha opportunities in the region and throughout the market cycle r4NBMMFSDPNQBOJFTBSFSFMBUJWFMZ undiscovered and could benefit strongly from economic upturns, particularly in emerging economies For further information please contact Freddie Gore-Browne Tel: +44 (0) 207 398 6083 Email: Freddie.gore-browne@pinebridge.com S&P Pan Asia Ex-Japan Under US $1.5 Billion Index Source: Morningstar, data as of 31 December 2013. Comparison the quartile ranking between the Fund Class Y (USD) and its peers with 1Mth, 3Mths, 6 Mths, 2013 YTD, 1 Yr, 2 Yr, Yr, 4 Yr, 5 Yr, Since Inception, 2013, 2012 & 2009 performance, in the ASIA EX JAPAN EQUITY Morningstar Category. The inception date of the Fund Class Y (USD) is 1 Sep 1994. The minimum investment, fee, charge of the Fund Class Y are different from Class A. Investors should refer to the offering documents for details. This advertisement is intended for information only, aimed solely at professional investors and should not be relied upon by private investors. Past performance is not indicative of future results. Any views stated represent the opinions of the manager and are subject to change. The content of this article should be construed as a financial promotion under the FCA Conduct of Business rules. PineBridge Investments Europe Limited is authorised and regulated by the Financial Conduct Authority. 2 3 46 EQUITIES GLOBAL EQUITIES PAUL EHRLICHMAN SAFA MUHTASEB SEAN BOGDA Manager ratio Manager ratio Manager ratio 0.827 0.827 0.827 Paul Ehrlichman is head of ClearBridge’s Global Value Equity investment team and a portfolio manager with 31 years’ industry experience. Prior to launching predecessor firm Global Currents Investment Management in 2008, he spent 18 years at Brandywine Global Investment Management as global equity CIO and managing director. Before joining Brandywine Global, he was a portfolio manager with Provident Capital Management and a securities analyst at First Pennsylvania Bank. Safa Muhtaseb is a member of ClearBridge’s Global Equity investment team. In addition to portfolio management, he is responsible for covering the healthcare sector for the firm’s international and global portfolios. He has 26 years’ investment industry experience. He joined ClearBridge from predecessor firm Global Currents Investment Management, which was founded in 2008 by a group of portfolio managers from Brandywine Global Investment Management. Sean Bogda is a member of ClearBridge’s Global Equity investment team and also is responsible for covering the industrials/cyclicals, energy and utilities sectors for the firm’s international and global portfolios. He has 21 years’ investment industry experience. He joined ClearBridge from predecessor firm Global Currents Investment Management, where he began his career as a research assistant in 1993. CHRISTOPHER HART PETER MOESCHTER DYLAN BALL Manager ratio Manager ratio Manager ratio 0.794 0.793 0.793 Christopher Hart manages the Robeco BP Global Premium Equities fund. He started his career in 1991 as an analyst at Fidelity. After an 11-year stint he moved to Boston Partners Asset Managers before joining Robeco. He graduated from Clemson University in South Carolina. Peter M. Moeschter is an executive vice-president and joined the Templeton organisation in 1997. He is a portfolio manager with responsibility for institutional and retail clients with global equities mandates. He has sector research coverage of global food and household products, European utilities and country coverage of Germany. He is the sector team leader of global utilities. Prior to joining Templeton, he was a research analyst the Workers’ Compensation Board of Ontario. Dylan Ball is a senior vice-president and portfolio manager for a number of retail and institutional global equity portfolios at Franklin Templeton. He has global research responsibilities for industrial conglomerates and life insurance companies and provides country research coverage of Eastern Europe. Before joining Franklin Templeton in 2007, he worked as a research analyst at Credit Suisse First Boston and subsequently, Execution Limited. ANTHONY CROSS JULIAN FOSH IAN KELLY Manager ratio Manager ratio Manager ratio 0.779 0.779 0.754 Anthony Cross joined Schroder Investment Management as a research analyst in 1990. He moved to the group’s smaller companies team in 1994 and was number two on the desk by 1995. He made the switch to Liontrust in 1997 to become a director of Liontrust Investment Services Limited. Julian Fosh joined Liontrust in 2008 after working alongside Jim Fisher at Saracen Fund Managers on the its Growth Alpha fund for four years. Prior to this, he did a 13-year stint with Scottish Amicable Investment Managers before moving to Scottish Friendly as investment director with responsibility for the Managed Growth and UK Growth unit trusts. European equity analyst and portfolio manager, Ian Kelly started his career at Schroders in 2007. He also runs institutional mandates and within his investment strategy uses dividend yield with enhanced income through a covered call overlay strategy. He is a CFA charterholder and also holds a PhD in biophysics from Newcastle University. EURO STARS 47 EQUITIES GLOBAL EQUITIES HEATHER ARNOLD BELTRAN LASTRA DAVID DUDDING Manager ratio Manager ratio Manager ratio 0.713 0.625 0.603 Heather Arnold is the director of research for Templeton Global Equity Group, as well as a portfolio manager and research analyst, based in London and Edinburgh and has 28 years of experience in the investment industry. She manages institutional and retail equity portfolios and has research responsibilities for Japan and Russia. Prior to joining Templeton, she was a managing director for Goldman Sachs Asset Management. Beltran Lastra is currently a porftolio manager at JP Morgan Asset Management having joined in 1996. He started out working in the hybrid derivatives risk management team before transferring to asset management in 1999. He currently manages UK and European equity funds. He graduated from Universidad Pontificia de Comillas, in Madrid. David Dudding manages the Threadneedle European Smaller Companies fund, having joined in 1999. He describes his investment style as predominantly growth at a reasonable price. He started out in Hong Kong in 1993, working for John Swire and Sons, a multidisciplined commercial group. In 1997, he took time out to do a master’s degree in philosophy at Oxford University. ANA DA MAIA RALPH WEBER ANDREAS BRUGGER Manager ratio Manager ratio Manager ratio 0.602 0.558 0.558 Ana de Maia Ralph Weber is a fund manager at Bank Julius Baer & Co. He uses a top quality at a reasonable valuation style of investment. His career started in 1991 at UBS in various positions. Born in Schaffhausen, Switzerland, he gained his bachelor degree at the Zurich University of Applied Sciences and is a Chartered Financial Analyst. Away from fund management he enjoys playing soccer. FTSE World 40 % Growth TR 30 20 10 0 -10 -20 Feb-11 Andreas Brugger of Swiss & Global Asset Management focuses on mixed assets. He has managed the Julius Baer Strategy Balanced-EUR fund since its inception in 1999 and the Julius Baer Strategy Income fund since 2005. His primary performance drivers are capital gains on stocks, as well as interest and dividend income. Feb-14 LATIN AMERICA EQUITIES GRAHAM CAMPBELL SCOTT PIPER CHARLES BIDERMAN Manager ratio Manager ratio Manager ratio 0.542 1.309 0.932 Graham Campbell is an analyst and chief executive at Saracen Fund Managers. He joined the firm in 2011 and he runs large cap equity portfolios using a fundamental investment style. Prior to this he was investment director at Edinburgh Partners having joined from SWIP in 2003. Campbell studied at Caledonian University and Edinburgh University and has a BA in business studies and an MBA. 48 EURO STARS Scott Piper works at Itaú Asset Management as the head of Latin American equity investments. Prior to joining Itaú in 2011 he worked for eight years at Morgan Stanley Investment Management as a member of the emerging markets group and co-portfolio manager of Latin American assets. Before joining Morgan Stanley, Scott worked as a portfolio manager at Deltec Asset Management where he managed Latin American and emerging market portfolios. Charles Biderman joined Comgest in 2006 and runs money within the Latin American large- and mid-cap equity space. He says his ‘growth at a reasonable price’ strategy performs best in the long term as well as during difficult market periods. Neither cash nor derivatives play a tactical part in the portfolio. He graduated from the Institut National des Télécommunications in Paris. SPONSORED STATEMENT A WAKE UP CALL FOR AFRICA Under global market pressure, Africa’s leaders must reform, boost infrastructure and diversify their economies Malek Bou-Diab, lead manager of the Bellevue BB African Opportunities fund, admits these are worrying times for investors in African equities. No single country is immune to global volatility, but many African markets have shown remarkable resilience. Politicians are being forced to reconsider their long-term strategic decisions to protect their economies from shocks. That is an opportunity for investors. ‘The long-term supporting factors for African economies have been commodity prices buoyed by China’s growth and the relative easy money conditions of the last few years. Those supports are now falling away,’ says Bou-Diab. Slowing Chinese growth has hit commodity exporters. Ghana’s gold extractors and Zambian copper miners are struggling. Tightening monetary policy, at least in the US, is also exposing the cracks built up by weak fiscal discipline by governments that have borrowed to fuel wage rises and consumption. ‘This is a wake-up call to African economies. We have already seen pressure in currency and fixed-income markets. These challenges will push governments to reform. Sometimes they need to have their backs forced up against a wall before they will implement structural change,’ says Bou-Diab. The pressure and commitment to change varies on local conditions. Nigeria’s economy and markets have been insulated by oil prices over $100 per barrel. Even so, the government is not helping itself. The central bank chairman Lamido Sanusi was recently sacked after exposing a financial black hole in oil revenues. Investors are right to be nervous but opportunities remain while the oil price is high. ‘Consumption stocks are still richly valued and results continue to disappoint, so they are best avoided. Banking also has huge potential and is attractively valued, yet it suffers from an inefficient financial system,’ says Bou-Diab. ‘Selectivity is key in gaining a solid entry point to African potential’ At the other end of the spectrum lies Kenya. It should benefit from falling commodities prices, as should Morocco, Tunisia and Egypt. Even so, the Kenyan government seems more committed to reform. It realises that it must invest in infrastructure and tilt the economy away from imports and consumption to increase its resilience to global shocks. Support has come from the IMF. Although Kenya suffers fiscal and current account deficits, the Kenyan shilling suffered less than other African currencies in recent volatility. Bou-Diab says the IMF’s Malek Bou-Diab Lead Portfolio Manager Bellevue BB African Opportunities fund analysis shows a lot of the deficit has been caused by capital goods investment, a strong long-term signal to investors that the economy will pick up in a sustainable manner. As ever, Egypt is following its own course. Markets have risen sharply, causing Bou-Diab to cut back some exposures. ‘The rally at the start of the year was a surprise. Real estate stocks rose hyperbolically as investors forgot about risks. A promised $40 billion investment by the United Arab Emirates in low-cost housing was a catalyst. But at these valuations, we would rather wait and see if the promised jobs and corporate earnings actually come true,’ he says. The recent volatility also serves as a wake-up call to African equity investors who thought the continent a one-way beta-driven bet. Consumption stocks may look defensive, but they and the wages that support consumer spending are heavily reliant on commodities. Parts of Africa are booming, while others such as South Africa seem to have lost control of their own destiny. With interest rates tightening and Chinese demand wilting, the country and its stock market may well struggle. Elsewhere, Bou-Diab says selectivity is key in gaining a solid entry point to African potential. 49 EQUITIES LATIN AMERICA EQUITIES JONATHAN ASANTE DEAN NEWMAN NICK ROBINSON Manager ratio Manager ratio Manager ratio 0.921 0.739 0.632 After nine years at Framlington, Jonathan Asante joined First State Investments in 2004 as a senior analyst and became head of global emerging market equities after co-managing GEM portfolios with Angus Tulloch. He started his career as a teacher at the London School of Economics and later joined NatWest Group as a researcher. In 1995, he joined Framlington. Dean Newman runs emerging markets equities funds at Invesco Perpetual, having joined the company in 1997. He uses an active investment strategy for the Invesco Perpetual Emerging Countries Fund, an all cap fund where he does not use cash as a tactical element. Prior to joining Invesco Perpetual, he worked at Sanwa Bank for six years and Legal & General also for six years. He studied Economics & Politics at Durham University and is currently based in Henley-on-Thames, UK. Based in Aberdeen’s São Paolo office, Nick Robinson manages several funds on behalf of Danske Invest. He manages the Danske Invest Latinamerika fund and invests in companies which have their main activities in Mexico, Central America and the West Indies. He focuses on a disciplined, bottom-up investment strategy. He waits for attractive valuations and typically will own the company for five years within his portfolio. NORTH AMERICA EQUITIES GILES WARREN GARY C HATTON JANE M WHITE Manager ratio Manager ratio Manager ratio 1.466 1.008 1.008 Giles Warren joined Seilern Investment Management in 1997. He runs mid- and largecapitalisation global equity funds as well as institutional mandates and uses a quality growth investment style. After attending Marlborough College, Warren studied at Edinburgh University. Gary Hatton is an executive vice president and a portfolio manager at Vanguard where he manages North American equities. Gary has worked in investment management since 1982 and is a holder of the Chartered Financial Analyst designation. He graduated with a BS degree from the University of Rhode Island and an MS degree from the University of Wisconsin. Jane White is an executive vice-president and portfolio manager at Vanguard where she manages North American equities. Jane has worked in investment management since 1980. She graduated with a BA degree from Boston University. JOHN J GRANAHAN ROBERT F GRANAHAN IAN HESLOP Manager ratio Manager ratio Manager ratio 1.008 1.008 0.956 John Granahan is the founder and president of Vanguard. He is also a portfolio manager and lead analyst for consumer stocks. He has worked in investment management since 1960 and is a Chartered Financial Analyst. He is a Graduate Fellow of the Catholic University of America and graduated with a BA degree from Saint Joseph’s University. 50 EURO STARS Robert Granahan is a vice-president and portfolio manager at Vanguard. He has worked in investment manangement in 1995 and is a Chartered Financial Analyst. He graduated with a BA degree from Tufts University and a MBA degree from New York University. Ian Heslop is head of quantitative strategies at Old Mutual Asset Management. He started his career in the financial industry in 1997 when he joined Barclays Global Investors. He holds a BA in chemistry from Oxford University and a PhD in medicinal chemistry from Edinburgh University. He was born in South Shields in the United Kingdom in the early 1970s. He is a member of ASIP and outside of fund management he likes to unwind by playing squash and football. EQUITIES GILES WARREN, SEILERN INVESTMENT MANAGEMENT NORTH AMERICA EQUITIES Seilern’s Giles Warren has capitalised on the US recovery by putting American equities at the heart of a selective portfolio of global blue chips WARREN’S THREE-YEAR TRACK RECORD ON STRYX AMERICA Stryx America S&P 500 60 50 40 % Growth TR (EUR) SEILERN’S WARREN POWERED UP BY UNCLE SAM’S RENAISSANCE 30 20 10 0 -10 Seilern Investment Management’s Giles Warren has more than doubled the MSCI World Hedge index over the three years to the end of February 2014, with a total return of 61.47% versus the index average return of 29.95%. The €140 million fund’s outperformance has been achieved with a highly concentrated portfolio of just 21 stocks and a strong focus on quality global blue chips that display superior growth characteristics over the long term. -20 Feb-11 Feb-12 Feb-13 Feb-14 SOURCE: Citywire & Lipper NUMBER OF APPEARANCES IN CITYWIRE EURO STARS US EQUITY DOMINANCE US equities dominate the overall portfolio, representing almost 55% of the fund, with tech giant Google the biggest single holding at 8.8% of the fund. Denmark’s diabetes treatment specialist Novo Nordisk is the fund’s second largest holding, comprising 6.9%. Apart from Denmark, the fund has significant exposure to the strongest economies in Europe, with core Europe particularly well represented. Sweden makes up almost 5% of the fund, while Switzerland comprises more than 8% of exposure. Warren is becoming slowly more optimistic about an uptick in global growth, although he admits it is happening at a very sluggish pace. He is most bullish on the US, which he says has ‘exceeded expectations’ since the weather-related slowdown at the start of the year. He says: ‘In the US, consumer and business measures exceeded expectations. Durable goods and capital goods orders were also better than expected.’ He tends to agree with the Federal Reserve, which viewed the first-quarter dip as being primarily down to the harsh weather endured in the first three months of the year. CAUTIOUS ON EUROPE By contrast, he is slightly more cautious on growth across Europe, which he describes as ‘slow and mixed’. ‘While personal consumption expenditure has fallen, consumer and business sentiment has improved. The key risk remains one of deflation.’ ‘While personal consumption expenditure has fallen in Europe, consumer and business sentiment has improved’ After such a strong run over the three-year period, Warren says the stocks that outperformed in 2013 are now starting to underperform at the end of the reporting period. This rotation, which pushed the laggards to the fore, saw utilities, energy and consumer staples as the major winners in March and April while Warren’s currently preferred financials and consumer discretionaries were the losers. This led the fund to suffer a short bout of underperformance, but Warren is confident the fund’s focus on long-term quality and growth will see it continue to outperform over the mid and long term. He says: ‘While the fund trades at a premium to most indices, we would argue this is consistent with the funds superior growth and quality characteristics; the funds 2014 weighted average EPS growth is estimated to be 16% and the weighted return on capital is 31%.’ EURO STARS 51 EQUITIES NORTH AMERICA EQUITIES AMADEO ALENTORN MIKE SERVENT Manager ratio Manager ratio 0.900 0.900 Amadeo Alentorn joined Old Mutual in 2005. He is a fund manager in the global equities team, and is also responsible for directing the quantitative research programme. He has extensive experience in investment, quantitative research and software development. Prior to joining Old Mutual, he developed simulation models for systemic and liquidity risk at the Bank of England and worked for CAD systems. Mike Servent joined OMGI in November 2004 from Barra International where he was a senior consultant specialising in the implementation of multi-asset class risk systems. Prior to this he spent five years with COR Risk Solutions, working on optimisation, back-testing and modelling software. At COR he worked as commercial development manager as well as undertaking research projects with clients. THEMATIC EQUITIES SCOTT BRAUNSTEIN ANNE MARDEN MARK HAWTIN Manager ratio Manager ratio Manager ratio 1.288 1.288 1.076 MSCI World/Health Care Anne Marden 150 120 120 % Growth TR (USD) % Growth TR (USD) Scott Braunstein 150 90 60 30 0 -30 MSCI World/Health Care 90 60 30 0 -30 Feb-11 Feb-14 Feb-11 Feb-14 Mark Hawtin works at GAM Holding AG where he runs equity strategies. Prior to joining GAM, he worked at BNP Paribas and Quilter Goodison for seven years, at Enskilda Securities for eight years, and at Marshall Wace for eight years, accruing over 25 years of investment experience. The GAM Star Technology fund under his management invests in technology stocks across all capitalisations. JOHN BAKER JONATHAN INGRAM RICHARD SPEETJENS Manager ratio Manager ratio Manager ratio 1.025 1.015 0.965 John Baker joined JP Morgan in 1994 and is currently vice president and portfolio manager within the European Equity Group High Alpha Team. His investment strategy is bottom up, best of value or best of growth of the fund. He enjoys horse racing as means of relaxing when he is not working. Prior to his current role, he had stints as an investment administrator and portfolio manager. 52 EURO STARS Jonathan Ingram is currently portfolio manager of the JPM Europe, JPM Europe Dynamic ex UK and JPM UK Dynamic funds. His investment style focuses on a bottom up, best of value and best of growth strategy. He began his career in JP Morgan Asset Management working as a quantitative investment analyst in the currency group before becoming an analyst and portfolio manager in the European High Alpha Team at JP Morgan Asset Management. Richard Speetjens has been managing European equities and global consumer trends equities at Robeco since 2007. Prior to this he worked at Van Lanschot for two years, having joined in 2005 after spending five years at Philips Pension Fund. He studied economics and finance at Maastricht University and is CFA charterholder. Based in Rotterdam, away from fund management he enjoys football, the cinema and theatre, music and squash. EQUITIES THEMATIC EQUITIES JACK NEELE GARETH POWELL DANIEL MAHONY Manager ratio Manager ratio Manager ratio 0.965 0.935 0.935 Jack Neele has been the portfolio manager of the Robeco Global Consumer Trends Equities Fund since 2007. He started his career in 1999 at Fortis Bank before joining Robeco in 2006. He is from Sint Philipsland in the Netherlands. Born in the mid-1970s he is a graduate of the Erasmus University of Rotterdam. Outside of running money, his hobbies include playing tennis, watching soccer and reading. Gareth Powell is a fund manager for Polar Capital where he has worked since 2007. Powell invests in global healthcare equities, favouring a growth investment strategy. He uses active fund management style. He began his career as an analyst and later became a fund manager for Framlington after graduating from Oxford University. Daniel Mahony joined Polar Capital in 2007, and manages the Polar Capital Healthcare Opportunities Fund using a growth investment style. Prior to this he was a senior analyst at Morgan Stanley, having also been an associate at ING Barings Furman Selz. He studied at Christ Church College, Oxford, and St John’s College, Cambridge. NICK LANGLEY RICHARD ELMSLIE SIMON GOTTELIER Manager ratio Manager ratio Manager ratio 0.692 0.692 0.687 Nick Langley runs the TG RARE Infrastructure Value Fund at RARE Infrastructure using an active investment style. He has worked at AMP Capital in Sydney, UBS in New York and Arthur Andersen in Auckland. Born in Napier, New Zealand, he has a bachelor of laws degree and a bachelor of commerce degree both from the University of Auckland and lists skiing, rugby, music and the theatre among his interests outside of work. Based in Sydney, Richard Elmslie is comanager of the TG RARE Infrastructure Value Fund and uses an active investment style. He is a member of the Institute of Chartered Accountants and FINSA and has a bachelor of commerce degree from the University of New South Wales. He is also a chartered accountant and enjoys tennis, rugby, football and skiing in his spare time. Simon Gottelier became a portfolio manager at Impax Asset Management in April 2004 where he runs global equities with a GARP investment style. He runs the BNP Paribas Aqua fund, a mid and small cap global equity portfolio. Prior to joining Impax, he worked at Veolia UK, Deutsche Bank and NM Rothschild where he started his career in 1998. Now based in London, he studied modern languages at the University of Bristol. He enjoys golf, rugby and running. NICK BRIND SYBILLE WYSS JOSEF BOLLAG Manager ratio Manager ratio Manager ratio 0.658 0.635 0.635 Nick Brind joined HIM Capital in 2009, which was acquired by Polar Capital and he is now a partner. He focuses on financials and describes his equity strategy as defensive growth and value and adopts a fundamental bond strategy with an added top-down view. Cash is not used tactically but derivatives are used for efficient portfolio management and hedging purposes. He joined Capel-Cure Myers in 1994 and moved to Exeter Asset Management as a senior fund manager in 1997 and then to New Star in 2005. As head of portfolio management and CIO at Tareno, Sybille Wyss is based in Basel. She joined the firm in 2004 as an assistant portfolio manager having spent four years on an apprenticeship and as a service centre specialist at UBS. Wyss manages the Tareno Waterfund using a defensive and cyclical growth investment style. She graduated with a BSc in Business Administration from the University of Applied Sciences in Basel. Josef Bollag is partner and CEO at Tareno, having joined the firm in 2005 from his own company, Josef Bollag Portfolio Management. Based in Basel, he manages the Tareno Waterfund alongside Sybille Wyss. Originally from Switzerland, Bollag studied in Basel. EURO STARS 53 EQUITIES THEMATIC EQUITIES JÖRG PHILIPSEN CHRISTIAN ZIMMERMANN ANDERS TANDBERG-JOHANSEN Manager ratio Manager ratio Manager ratio 0.603 0.602 0.598 Jörg Philipsen joined UBS Global Asset Management in 2005 and was an associate portfolio manager on the European small- and mid-cap team. Between 2006 and 2011, he was a portfolio manager within the global equities team and is currently responsible for the specialist equities team. He describes his investment style as value/defensive growth but is willing to exploit all styles depending on the market environment. Christian Zimmermann works for Activest where he is responsible for the whole small and mid cap universe in Germany. His Activest Ecotech fund invests worldwide in ecological and sustainable companies. He uses a technicalquantitative approach for identifying interesting stocks and then spreads the risk by selecting between 90 and 100 of them to add to his portfolio. He has been in the industry since 1996. Anders Tandberg-Johansen is a lead manager on the DB NOR Nordic Technology fund. He began his career in the financial industry in 1996 as a technology analyst at Enskilda Securities. After a two-year stint, he joined DB NOR as a portfolio manager. He studied at Handelshøyskolen, where he gained an MSc in finance. UK EQUITIES MARTIN WALKER JULIE DEAN RICHARD COLWELL Manager ratio Manager ratio Manager ratio 1.790 1.734 1.444 Martin Walker has worked in the equity markets since 1997. He started at BWD Rensburg in 1997 as an investment analyst. In 1999 Walker joined what was then Perpetual, initially working as part of the UK equity team that assisted Neil Woodford. He moved into management with the Invesco Perpetual Children’s fund. He describes his investment style as pragmatic, adding that versatility is key. Julie Dean joined Cazenove in 2002 and is in charge of the Cazenove UK Opportunities fund. A member of the group’s Pan European equity team, her specific UK sector responsibilities include healthcare, IT services and software, media, pharmaceuticals, speciality and other finance. Dean joined Cazenove from HSBC where she managed the HSBC British and HSBC UK Growth funds as well as institutional portfolios. Richard Colwell joined Threadneedle in 2010 where he runs the Threadneedle Managed Income, Monthly Extra Income, UK Growth & Income and UK Overseas Earnings funds. He launched his career at the Bank of England in 1990, before stints at B2W, Schroder Investment Management and Credit Suisse Asset Management. In 2007, he joined Aviva Investors before joining Threadneedle. ALEX SAVVIDES LEIGH HARRISON JOHN BAKER Manager ratio Manager ratio Manager ratio 1.177 1.090 1.025 Alex Savvides has been with JO Hambro Capital Management since 2008 and is a senior fund manager of the JOHCM UK Dynamic Fund. Its investment process is primarily driven by bottom-up stock selection. He started his career in 1996 at Astaire & Partners as a graduate trainee in equity sales, trading and research, and in 2000 he joined Teather & Greenwood where he worked in UK smaller companies corporate and non-corporate sales. 54 EURO STARS Leigh Harrison joined Threadneedle in 2005 and now heads its UK retail investment division. He took charge of the Threadneedle UK Equity Income fund in February 2006. He adopts a bottom-up approach to stockpicking. His first financial post was with stockbroker Rowan Dartington. Two years later, he joined Hill Samuel, where he spent 12 years managing a wide range of UK equity portfolios. John Baker joined JP Morgan in 1994 and is currently vice president and portfolio manager within the European Equity Group High Alpha Team. His investment strategy is bottom up, best of value or best of growth of the fund. He enjoys horse racing as means of relaxing when he is not working. Prior to his current role, he had stints as an investment administrator and portfolio manager. SPONSORED STATEMENT MORE TO THE GULF THAN OIL AND GAS The Gulf Cooperation Council region is undiscovered, not underdeveloped Global investors have overlooked the fast growing Gulf region. Joel Kukemelk, manager of LHV Persian Gulf fund – named as “Best Equity GCC Fund ” by Zawya Thomson Reuters in April 2013 - believes they should sit up and take notice. The Gulf region is all about big numbers. The six countries of the Gulf Cooperation Council (the United Arab Emirates, Qatar, Saudi Arabia, Oman, Kuwait and Bahrain) have a population of 40 million. That population is just 10% of the Middle East and North Africa region, yet it accounts for 50% of total GDP. $3.45 trillion of infrastructure projects are planned across the region by 2025. ‘The reason is gas and oil of course. The GCC holds 45% of the world’s oil reserves and 20% of its gas reserves,’ says Kukemelk. That store of wealth has served the GCC well. Unlike traditional frontier or emerging markets, the states have not incurred debt or current account deficits to finance development. They run massive surpluses on oil revenues. And their currencies are pegged to the US dollar, meaning no currency risk for international investors. Equity markets are broad and increasingly liquid. ‘Total market cap is over $1 trillion, 2% of the world total. There are over 700 listed GCC stocks,’ says Kukemelk. He also points out that the GCC market is one of the world’s least correlated. With few foreign investors buying, local stock buyers are influenced more by local news than they are by global trends. Misconceptions may explain global investor reluctance, suggests Kukemelk. One might expect markets to be resource heavy. In fact, oil firms are state owned. LHV Persian Gulf fund holds no oil and gas stocks. Instead, Kukemelk concentrates his portfolio on three key themes, all built around the recycling of petro-dollars into local economies. ‘Money is being pumped out of the ground. It is being reinvested into the real economy, not going into the pockets of oligarchs. The GCC knows the oil will run out, so they are diversifying their economies,’ he says. Norway serves as a role model. It has diversified successfully and built up a sovereign fund for rainy days. GCC countries have followed suit, with a collective $2 trillion of the $6 trillion held by the world’s sovereign wealth funds. Kukemelk sees three major GCC opportunities. The first is the banks and finance industry that is financing economic development. The second is real estate and construction that is building infrastructure. The third is the consumer sector. The rate of progress is phenomenal, he believes. ‘Many GCC companies have an inbuilt competitive advantage. Local companies have access to cheap fuel. Airlines are big beneficiaries of this. Dubai airport has just passed Heathrow in terms of the number of international passengers who use it,’ says Kukemelk. LHV Persian Gulf fund was launched in 2008 Joel Kukemelk Fund manager, LHV Persian Gulf fund AS LHV Varahaldus after one of the founders of LHV, Estonia’s second biggest pension fund manager, travelled to the Gulf region. He was impressed with what he saw in terms of economic growth, but less so with ways to access the market. Collective investment options comprised a handful of local funds, many with a home country-bias or not suitable for European investors. ‘There was a product missing in the market, so we launched the fund ourselves. We have the first mover advantage and long and strong track record. Transparency and governance in the region have come a long way too. Many GCC firms have westerners in management and are keen to encourage institutional investors,’ says Kukemelk. ‘MSCI is upgrading Qatar and the United Arab Emirates to emerging market status from June 2014. Investors will have to take note. Also, Saudi Arabia could soon open its stock market, the region’s largest, to outside investors. Dubai’s Expo 2020 and Qatar hosting the FIFA World Cup in 2022 will push the region onto the world stage,’ says Kukemelk. LHV PERSIAN GULF FUND 60% 40% 20% 0% -20% -40% -60% 2008 2009 2010 2011 2012 2013 2014 SOURCE: BLOOMBERG Disclaimer: The fund is managed by LHV Asset Management and is publicly offered in Sweden, Norway, Finland, Estonia, Latvia and Lithuania. Please refer to the prospectus and the KIID of the fund www.persiangulffund.com. An investment in the securities may rise or fall in value and there is no guarantee that you will get back the invested capital. The average rate of return of the fund for the last two, three and five calendar years is respectively: 29,50%, 17,87% and 17,06%. The Fund Manager Joel Kukemelk is AA rated by Citywire for his 3 year risk adjusted performance for the period 31.03.2011 – 31.03.2014. 55 EQUITIES UK EQUITIES JONATHAN INGRAM CHRIS ST JOHN ALEX BREESE Manager ratio Manager ratio Manager ratio 1.015 1.007 0.974 Jonathan Ingram is currently portfolio manager of the JPM Europe, JPM Europe Dynamic ex UK and JPM UK Dynamic funds. His investment style focuses on a bottom up, best of value and best of growth strategy. He began his career in JP Morgan Asset Management working as a quantitative investment analyst in the currency group before becoming an analyst and portfolio manager in the European High Alpha Team at JP Morgan Asset Management. Chris St John has been working for AXA since 2005, and before this he worked for Friends Ivory and Sime/ISIS, which he joined in 1999. His investment style is growth at a reasonable price. He is an associate member of the CFA and a member of the Institute of Chartered Accountants of Scotland. In his spare time he enjoys golf, tennis and rugby. Born in 1973 in Bristol, he studied philosophy and psychology at the University of Durham. Alex Breese joined Schroders in 2013 where he manages the Schroder UK Equity Fund. He joined Neptune in May 2005 as an investment analyst covering the global industrials sector and later became head of UK equities. He has a first class honours degree in mechanical engineering. JEREMY LANG VISHAL BHATIA PAUL MARRIAGE Manager ratio Manager ratio Manager ratio 0.843 0.825 0.800 Jeremy Lang has an eponymous investment strategy, the Lang Approach. He sorts his investment candidates by looking at the analysts who follow them – not because they have an inside edge that demands respect but because they are often, and predictably, wrong. Lang’s studies show companies in which analysts consistently underestimate earnings perform relatively well, whereas those where analysts get their numbers too high generally perform badly. Vishal Bhatia manages equity funds at J O Hambro Capital Management. He started his career at the age of 22 at ABN Amro as a telecom equipment analyst. After four years in 2006, he joined Merrill Lynch where he spent a year in the same role. Hailing from Abu Dhabi, he holds a degree in accounting and finance from the London School of Economics and is a CFA charterholder. He enjoys football, the cinema and theatre, cricket and squash. Paul Marriage does not confine himself to a particular investment style when stocking his portfolio for the Cazenove UK Smaller Companies fund. Instead, he concentrates on the business cycle and how companies’ earnings are affected during its different stages. He joined Cazenove in 2005 and is a member of the pan-European equity team, having previously worked at Insight as head of UK small-cap investment. JOHN WARREN ANTHONY CROSS JULIAN FOSH Manager ratio Manager ratio Manager ratio 0.800 0.779 0.779 John Warren is a fund manager within the Pan European Equity team at Cazenove Capital. John started his career at PricewaterhouseCoopers as a chartered accountant in 1998. He moved to Investec Bank in 2001 where he became a UK mid- and small-cap fund manager prior to joining Cazenove in 2010. He graduated from Loughborough University. He holds the ACA and SFA designations. 56 EURO STARS Anthony Cross joined Liontrust in 1997 to become a director of Liontrust Investment Services Limited. He joined Schroder Investment Management as a research analyst in 1990. He moved to the group’s smaller companies team in 1994 and was number two on the desk by 1995. Julian Fosh joined Liontrust Investment Services in 2008 after working alongside Jim Fisher at Saracen Fund Managers on the its Growth Alpha fund for four years. Prior to this, he did a 13-year stint with Scottish Amicable Investment Managers before moving to Scottish Friendly as investment director with responsibility for the Managed Growth and UK Growth unit trusts. EQUITIES UK EQUITIES SIMON MURPHY BEN RUSSON GREGOR MACDONALD Manager ratio Manager ratio Manager ratio 0.777 0.729 0.715 Simon Murphy started out his in Price Waterhouse in 1994, where he qualified as a Chartered Accountant before joining M&G in 1998. Although he now looks after the Old Mututal UK Select Equity, having joined the group in 2008, he does maintain that there is no single specific style of investment rather preferring a contemporaneous and pragmatic approach to his portfolio. He graduated from Loughborough University and has a MA from Warwick University. Ben Russon joined Franklin Templeton in 2013 where he runs UK equity funds. Born and raised in North Yorkshire, he read economics and geography at Edinburgh, graduating with a master’s degree in 1998 before joining Newton the following year where he spent nearly 14 years. When away from the office, he enjoys playing golf and running. Gregor MacDonald co-manages the SWIP UK Smaller Companies fund alongside Andrew Paisley. He describes his investment style as momentum based and uses index futures and arbitrage pricing theory analysis. Before joining SWIP he was an investment manager at Standard Life. CLIVE BEAGLES JAMES LOWEN JONATHAN BARBER Manager ratio Manager ratio Manager ratio 0.711 0.711 0.704 Clive Beagles joined JO Hambro Capital Management in 2004 and is co-manager on the UK Equity Income fund alongside James Lowen. He started out at Commercial Union before switching to Newton Investment Management in 1996. At Newton, he led weekly discussions on determining the house view on UK equities and managed the Newton Higher Income fund, as well as pooled and segregated mandates. James Lowen co-manages the UK Equity Income fund at JO Hambro Capital Management. He has more than 15 years of industry experience. He joined JOHCM in 2004, having been a UK equity investment director, analyst and head of corporate governance at Newton Investment Management. He graduated from the University of Exeter in economics. Jonathan Barber is a lead manager on the Threadneedle UK Monthly Income fund. A longserving employee at Threadneedle, he started his investment career at Scottish Equitable as an investment analyst in 1990. He moved to join Eagle Star Investment Managers as a fund manager in 1992, and the firm became part of Threadneedle in 1994. During his time at Threadneedle, he has managed a number of the firm’s funds. TREVOR GREEN CHRISTOPHER WHITE SIMON BRAZIER Manager ratio Manager ratio Manager ratio 0.702 0.694 0.666 Trevor Green runs the New Star UK Growth fund. A growth investor, his first fund management job was with Capel Cure Myers where he managed smaller company portfolios. In 1997 Green moved to Credit Suisse and was promoted to director of the group’s UK equity team. He joined Allianz Dresdner in February 2002 where he had responsibility for the Allianz Dresdner UK Growth and the Allianz Dresdner UK Mid-Cap funds. Born in Edinburgh in 1967, he graduated in business studies from Aberdeen University. Christopher White joined Premier Asset Management in 2010. A fund manager for more than 15 years, the peer he most admires is Fidelity’s former manager Anthony Bolton. He describes his approach to managing assets as simply ‘pragmatic’. He has previously worked at Legg Mason and Threadneedle. Born in Birmingham in 1965, White graduated in economics from Swansea University. Simon Brazier joined Threadneedle in 2010 where he runs the Threadneedle UK Fund. He started his career with Schroders in 1998 and has been managing funds for more than 12 years. He holds the IIMR certificate. Born in the UK in 1975, he attended Durham University and the University of Aix-Marseille where he studied economics and French. EURO STARS 57 EQUITIES UK EQUITIES MARK WESTWOOD ALEX WRIGHT MARK MARTIN Manager ratio Manager ratio Manager ratio 0.653 0.648 0.646 Dr Mark Westwood manages the Threadneedle UK Select Fund. He entered the fund management world in 1998 as the assistant manager on the LeggMason Investors UK Growth fund and was given sole responsibility for the fund in March 2000. He left Legg Mason in 2005. He was groomed to be a material scientist and earned his title after gaining a BSc (Hons) and a PhD in the field from Manchester University. He was born in November 1972. Alex Wright was promoted to fund manager in 2008 and currently works on the Fidelity UK Smaller Companies fund. He holds the IMCand CFA designations. He holds a BSc in economics from Warwick University, and began his career at Fidelity as an analyst in 2001. Mark Martin worked as a solicitor before joining Neptune in 2008, where he is a UK equity fund manager. He employs a ‘growth at a reasonable price’ investment strategy within his small- and mid-cap universe, focusing on growth, defensive growth, cyclical growth and value stocks. He incorporates a top-down view into the portfolio. He holds the IMC designation and has completed CFA levels 1 and 2. PATRICK VERMEULEN BELTRAN LASTRA MARK COSTAR Manager ratio Manager ratio Manager ratio 0.635 0.625 0.588 Patrick Vermeulen joined JP Morgan Asset Management in 1999 where he is currently head of the European equities desk. Prior to this he worked at Schroder Investment Management where he was joint head of European research and a fund manager. He graduated from VLEKHO in Brussels. Beltran Lastra is currently a porftolio manager at JP Morgan Asset Management having joined in 1996. He started out working in the hybrid derivatives risk management team before transferring to asset management in 1999. He currently manages UK and European equity funds. graduated from Universidad Pontificia de Comillas, in Madrid, and is a CFA Charterholder. Mark Costar joined the J O Hambro Capital Management Group in August 2001 and manages the JOHCM UK Growth Retail fund. Prior to this he spent nine years at Clerical Medical Investment Group. MICHAEL CLARK RICHARD BUXTON JOHN INNES Manager ratio Manager ratio Manager ratio 0.587 0.570 0.538 Michael Clark joined Fidelity International in 2002 where he runs the Fidelity Income Plus and Enhanced Income funds. He has been working in investment management for well over two decades. An economics graduate from Cambridge University, he started out working as an analyst for Morgan Grenfell in 1986. After a two-year stint, he joined Enskilda where he worked until 1994 before joining JP Morgan. 58 EURO STARS Richard Buxton joined Old Mutual Global Investors in June 2013 as head of UK equities. He joined from Schroders where he managed the Schroder UK Alpha Plus Fund since its launch in 2002. Prior to joining Schroders, Buxton enjoyed an 11-year stint with Barings where his responsibilities included taking the reins of the Baring UK Growth, Baring Equity Income and Baring Global Growth funds. He graduated from Oxford University. John Innes joined RWC in 2000 and is head of the UK team, running the RWC UK Focus and Pilgrim funds. He started his career with Peat Marwick Mitchell (KPMG) in 1982 where he qualified as a Chartered Accountant. In 1986 he joined Lazard where he was head of international institutions and UK equities. He joined Robert Fleming in 1993 where he was a charities investment director before joining M&G in 1998 as the head of institutional business. SPONSORED STATEMENT Q&A WITH SCOTT MEECH AND ROB JONES Rob, Scott, your different strategies have consistently offered strong performance to your investors. Could you explain what, in your view, places you in our Top-250 Managers ranking? We believe that our performance has been generated by a combination of high conviction stock picking and a pragmatic approach to markets, adapting portfolios to suit all phases of the stock market cycle – we are active stock-pickers with a bias towards mediumsized companies, combining top-down and bottom-up research. We are able to generate a high active share with low tracking error. Furthermore, we manage the strategies in a very collegial way and we challenge ourselves a lot. We are convinced this is the right way to work and have been encouraged by a recent analysis showing that managers with higher active shares demonstrate a better chance of achieving long-term performance goals. Can you talk us through an example that could illustrate your style? Do you do things differently? The universe of European managers is one of the largest with more than 700 funds. It is important for us to make sure our investors understand our style. We don’t do things differently to compete for assets but we are convinced that our pragmatic investment style and the time we spend on the road give us an edge and have helped generate strong returns for our investors. A good example to mention is our shift from Emerging Market focused global companies towards more domestic European plays at the beginning of 2013. Our trips to peripheral Europe were highlighting a change in sentiment that we thought deserved investigation. We are stock-pickers, markets and data sheets won’t give us all the information we need, nor will company results. We want a 360 degree view of what is going on. Looking at consumer trends, airport traffic, advertising rates and other lead indicators helped us to build conviction in the theme while our extensive discussions with companies convinced us that this theme held an abundance of individual stock opportunities. You hold around 60 stocks in your portfolio, are these your best ideas or is it a way of dealing with risk? We identify ourselves as high conviction managers. But don’t believe that conviction is just about having a highly concentrated portfolio. Our conviction is demonstrated by having no neutral or underweight positions. Capital is only ever allocated to strong ideas. In other words we will not hold benchmark positions simply to manage tracking error. Investors can buy passive strategies for that purpose. We would also highlight that we have a relatively high active share combined with a low tracking error. This unusual combination is generated by our stock picking and our constant focus on balancing the risks of the portfolio. Indeed, if you look more closely at our tracking error, half of it is generated by stock specific risk and half of it is generated by systematic risk. You mentioned that you manage the funds in a collegial manner. What does it mean? Does it have an impact for the investors? We have to say, that we enjoy working together and surely this must have an impact on our investments and therefore on the returns we generate for our investors. We have been working together since 1996. We’ve been working with Rupert Welchman for 14 years and with Victoria Leggett for 10 years. We enjoy and value all our team members’ opinions and it is rare that a stock decision is taken if it is not backed by all the team. Everyone on the team is accountable for the portfolio holdings. It is great to be in the office everyday with people you enjoy working with. Could you describe the different strategies you manage? We now manage four different strategies. Our UBAM – Europe equity strategy, which is one of UBP’s flagship strategies, comprises the team’s best ideas in the European stock market. We use a thematic overlay to help to Scott Meech Rob Jones Co-Head European Equities Co-Head European Equities direct us in the search for ideas. The strategy has outperformed its benchmark in each of the last three calendar years with a 27.10% gross performance in 2013. The UBAM – Europe Opportunities equity strategy focuses on the recovery in Europe’s periphery and high-potential special situations. Our stock-selection has shown to be highly successful within this strategy – which stems from two internal funds launched earlier in 2013. Lastly, we manage two income focused strategies; we have a Euro-zone income strategy which favours high-quality companies which aims to deliver sustainable cash flows over the long term and target dividends higher than the market; and a Dividend+ strategy which aims to provide steady income with low volatility, exploiting the dividend stream provided by blue-chip European equities. What is your outlook on Europe at the moment and where do you see value? We believe that we have all the ingredients for a successful year in European equities. Corporates have managed to restructure their balance sheets and their trust in the future is rising – which is supported by good growth projections for the region. Europe is however no longer trading at a discount, which is why earnings quality and growth is important. We continue to feel that value and recovery, with a bias towards domestic cyclicality, particularly within consumer discretionary is the best way to be exposed to this. 59 60 EURO STARS FIXED INCOME CITYWIRE SECTOR Corporate Bonds 63 Emerging Market Bonds 66 European Bonds 67 Global Bonds 68 High Yield Bonds 71 Other Bonds 71 Sterling Bonds 73 US Dollar Bonds 73 Funds investing in bonds issued primarily by corporations. Funds investing in the sovereign debt of the emerging world. Funds investing in bonds issued mainly by European sovereigns or corporations. Old and new collide as we showcase the fund managers posting strong risk-adjusted returns in an expanded asset class Funds investing mainly in government bonds from developed markets. Funds investing at the lowest end of the credit ratings spectrum. Funds investing in a range of areas such as inflation-linked bonds at a global level. Funds investing mainly in sterling-denominated bonds. Funds investing in bonds denominated in US dollars. FIXED INCOME MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR CORPORATE BONDS Stephan Ertz 1.841 Union Investment UniEuroRenta Corporates A Bonds - Euro Corporates Mark Dowding 1.752 BlueBay BlueBay Inv Grade Euro Aggregate Bd I EUR Bonds - Euro Corporates Bonds - Euro Corporates Russel Matthews 1.692 BlueBay BlueBay Inv Grade Euro Aggregate Bd I EUR Chris Bullock 1.561 Henderson Global Investors Henderson HF Euro Corporate Bond A2 Bonds - Euro Corporates Karsten Rosenkilde 1.201 Deutsche Asset & Wealth Management DWS Invest Euro Corporate Bonds LC Bonds - Euro Corporates Alasdair Ross 1.035 Threadneedle Threadneedle European Corp Bd Ret Net Acc GBP Bonds - Euro Corporates Mondher Bettaieb 0.901 Vontobel Vontobel Fund - EUR Corporate Bond Mid Yield B Bonds - Euro Corporates David Stanley 0.716 T Rowe Price T Rowe Euro Corporate Bond Z EUR Bonds - Euro Corporates Stephen Thariyan 0.709 Henderson Global Investors Henderson HF Euro Corporate Bond A2 Bonds - Euro Corporates Jan Sørensen 0.682 Nordea Nordea 1 - European Cross Credit Fund BP EUR Nordea 1 - Euro Diversified Corporate Bond BP EUR Nordea Corporate Bond I Kasvu Nordea 1 - European Corporate Bond Plus BI EUR Nordea 1 - European Corporate Bond BP EUR Bonds - Euro Corporates Bonds - Euro Corporates Bonds - Euro Corporates Bonds - Euro Corporates Bonds - Euro Corporates Stephen Snowden 0.682 Kames Capital Kames Investment Grade Global Bond A Inc GBP Hedged Bonds - Global Corporates Michael Schiller 0.655 Union Investment UniInstitutional Premium Corporate Bonds Bonds - Euro Corporates Louis Chabrier 0.625 Old Mutual Global Investors Skandia Global Foretagsobligationsfond Bonds - Global Corporates Jean-Olivier Neyrat 0.613 HSBC HSBC GIF Euro Credit Bond AC EUR Bonds - Euro Corporates Mark Lieb 0.549 Principal Global Investors Principal GI Preferred Securities EUR Hdg A Acc Bonds - US Dollar Corporates Phil Jacoby 0.549 Principal Global Investors Principal GI Preferred Securities EUR Hdg A Acc Bonds - US Dollar Corporates Julien Daire 0.545 CPR Asset Management CPR Credixx Invest Grade - P Bonds - Euro Corporates Karsten Rosenkilde 1.201 Deutsche Asset & Wealth Management DWS G-SIFIs Hybrid Bond Fund A Bonds - Emerging Markets Other Kristel Kivinurm 0.708 Avaron Asset Management Avaron Eastern Europe Fixed Income Fund A Bonds - Emerging Markets Other EMERGING MARKET BONDS EURO STARS 61 FIXED INCOME FIXED INCOME MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Aristoteles Damianidis 0.700 UBS Global Asset Management UBS (Lux) Bond SICAV - Emerging Europe (EUR) P-acc Bonds - Emerging Markets Europe Valdur Jaht 0.634 Avaron Asset Management Avaron Eastern Europe Fixed Income Fund A Bonds - Emerging Markets Other Peter Priisalm 0.634 Avaron Asset Management Avaron Eastern Europe Fixed Income Fund A Bonds - Emerging Markets Other Mark Dowding 1.752 BlueBay BlueBay Inv Grade Euro Govt Bd I EUR Bonds - Euro Russel Matthews 1.692 BlueBay BlueBay Inv Grade Euro Govt Bd I EUR Bonds - Euro Vasco Teles 1.436 Banco Espirito Santo Espirito Santo Euro Bond Espirito Santo Obrigacoes Europa Bonds - Euro Bonds - Europe Claus Meyer-Cording 0.996 Deutsche Asset & Wealth Management DWS Euro-Bonds (Medium) DWS Invest Euro Bonds (Short) LC DWS Invest Euro-Gov Bonds LC Bonds - Euro Medium Term Bonds - Euro Short Term Bonds - EuroZone Gerd Rendenbach 0.908 BayernInvest BayernInvest Short Term Fonds TL BayernInvest Renten Europa-Fonds Bonds - Euro Short Term Bonds - Europe Susanne Kundert 0.792 LGT Capital Management LGT Sustainable Quality Bond Fund Hedged (CHF) B Bonds - Euro Matthias Wildhaber 0.672 Swiss & Global Asset Management BVB ABS Fund Ca Julius Baer BF ABS-EUR B Bonds - Euro Bonds - Euro Laurence Kubli 0.672 Swiss & Global Asset Management Julius Baer BF ABS-EUR B BVB ABS Fund Ca Bonds - Euro Bonds - Euro Boutaina Deixonne 0.564 AXA Investment Managers AXA WF Euro Credit Short Duration I C Bonds - Euro Short Term Rikke Secher 0.558 Danske Fund Management Company Danske Invest European Bond D Danske Invest Europaeiske Obligationer Bonds - Euro Bonds - Europe EUROPEAN BONDS GLOBAL BONDS Vasco Teles 1.436 Banco Espirito Santo Espirito Santo Global Bond Bonds - Global Scott A. Mather 1.375 PIMCO PIMCO Select Global Bond Ret GBP Acc PIMCO GIS Global Bond Inst USD Acc PIMCO GIS Global Bond Ex-US Inst USD Acc Bonds - Global Bonds - Global Bonds - Global Isobel Lee 1.161 BNY Mellon Asset Management (Insight Investment) Insight Investment Global (ex-UK) Bond S GBP Bonds - Global Bonds - Global Bruno Crastes 0.968 Natixis Global Asset Management H2O Multibonds R Susanne Kundert 0.792 LGT Capital Management LGT Sustainable Bond Fund Global (EUR) B Bonds - Global Al Jalso 0.775 Russell Investments Russell IC Global Bond A Acc Bonds - Global Steven O'Hanlon 0.754 ACPI ACPI International Bond USD A Bonds - Global Scott Thiel 0.741 BlackRock BGF Fixed Income Gbl Opportunities A2 USD BlackRock Global Bond A Inc Bonds - Global Bonds - Global Rodney Gaskell 0.661 HSBC HSBC ISF MultiAlpha Global Aggregate Bond IC USD Bonds - Global Stuart Edwards 0.659 Invesco Invesco Perpetual Global Bond Inc Invesco Global Bond A Dist Bonds - Global Bonds - Global Bernhard Falk 0.629 Deutsche Asset & Wealth Management DWS Inter-Renta LD Bonds - Global Halvor Wood 0.576 Swisscanto Swisscanto (CH) IBF - TOP Nebenmaerkte I Bonds - Global David F. Hoffman 0.546 Legg Mason Legg Mason Brandywine Gl Opp Fxd Inc A Dis M USD Legg Mason Brandywine Glo Fxd Inc A Dis S USD Bonds - Global Bonds - Global Stephen Smith 0.546 Legg Mason Legg Mason Brandywine Gl Opp Fxd Inc A Dis M USD Legg Mason Brandywine Glo Fxd Inc A Dis S USD Bonds - Global Bonds - Global Julien Daire 0.545 CPR Asset Management CPR Oblig 24 mois - I Bonds - Global Short Term HIGH YIELD BONDS Chris Bullock 1.561 Henderson Global Investors Henderson HF Euro High Yield Bond A1 EUR Bonds - Euro High Yield Stephen Kotsen 1.167 Nomura Nomura Funds Ireland-US High Yield Bond I USD Bonds - US Dollar High Yield 62 EURO STARS FIXED INCOME FIXED INCOME MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS SECTOR Stephen Thariyan 0.709 Henderson Global Investors Henderson HF Euro High Yield Bond A1 EUR Bonds - Euro High Yield Julien Daire 0.545 CPR Asset Management CPR Credixx Global High Yield - I Bonds - Global High Yield Ophélie Gilbert 1.253 Allianz Global Investors Allianz Inflationsschutz - A - EUR Allianz Euro Inflation I Bonds - Euro Inflation Linked Bonds - Euro Inflation Linked Yannik Zufferey 1.087 Lombard Odier Investment Managers LO Funds II - Swiss Franc Credit Bnd (Foreign) P A LO Funds - Swiss Franc Credit Bond (Fgn) (CHF) P A LO Funds (CH) - Swiss Franc High Grade Bond I D LO Funds II - Swiss Franc Bond (Foreign) P A LO Funds (CH) - Swiss Franc Bond I D LO Funds (CH) - Swiss Franc Credit Bond I D Bonds - Swiss Franc Bonds - Swiss Franc Bonds - Swiss Franc Bonds - Swiss Franc Bonds - Swiss Franc Bonds - Swiss Franc Kristin Ekvold 0.674 Pareto Forvaltning Pareto Hoyrente Pareto Obligasjon Pareto Kreditt - Obligasjonsfond A Bonds - Norwegian Krone Bonds - Norwegian Krone Bonds - Norwegian Krone Jan Skrarudsether 0.674 Pareto Forvaltning Pareto Obligasjon Pareto Hoyrente Pareto Kreditt - Obligasjonsfond A Bonds - Norwegian Krone Bonds - Norwegian Krone Bonds - Norwegian Krone Bonds - Canadian Dollar OTHER BONDS Halvor Wood 0.576 Swisscanto Swisscanto (LU) Bond Invest CAD A STERLING BONDS Alasdair Ross 1.035 Threadneedle Threadneedle UK Med&Long-Dated Corp Bd Inst Inc Gr Bonds - Sterling Corporate Bond Threadneedle UK Short-Dated Corp Bd Inst Inc Gross Bonds - Sterling Short Term Stephen Thariyan 0.709 Henderson Global Investors Henderson Sterling Bond Inc Bonds - Sterling Corporate Bond Stephen Snowden 0.682 Kames Capital Kames Investment Grade Bond B Acc Bonds - Sterling Corporate Bond Rodney Gaskell 0.661 HSBC HSBC ISF MultiAlpha Sterling Bond XD Bonds - Sterling Halvor Wood 0.576 Swisscanto Swisscanto (LU) Bond Invest GBP A Bonds - Sterling Tom Musmanno 1.316 BlackRock BGF US Dollar Short Duration Bond A2 USD Bonds - US Dollar Short Term Steven Lear 1.002 JP Morgan JPM US Bond A Acc USD Bonds - US Dollar Richard Schlanger 0.754 Pioneer Investments Pioneer Funds US Dollar Short Term E No Dis EUR Bonds - US Dollar Short Term US DOLLAR BONDS CORPORATE BONDS STEPHAN ERTZ MARK DOWDING RUSSEL MATTHEWS Manager ratio Manager ratio Manager ratio 1.841 1.752 1.692 Mark Dowding FTSE Barclays Euro Aggregate Bond 40 35 % Growth TR (EUR) Stephan Ertz is head of credit at Union Investment and takes an active, bottom-up approach to fund management. His value investment style performs best when there is clear differentiation between bond issuers in the market. He employs derivatives moderately to hedge interest rates, but cash is not a strategic component of his portfolio. 30 25 20 15 10 5 0 -5 Feb-11 Feb-14 Russel Matthews joined BlueBay in September 2010 as a portfolio manager running European bond strategies. He previously worked at Invesco Asset Management for 10 years where he was responsible for running multi-currency global fixed income portfolios for retail and institutional clients. Prior to joining Invesco, Russel worked at Citigroup Asset Management. He holds a BA in economics and journalism from Rhodes University and a Post Graduate Diploma in management from the University of Cape Town. EURO STARS 63 FIXED INCOME CORPORATE BONDS CHRIS BULLOCK KARSTEN ROSENKILDE ALASDAIR ROSS Manager ratio Manager ratio Manager ratio 1.561 1.201 1.035 As a fixed income portfolio manager at Henderson, Chris Bullock manages a benchmarked fund in European investment grade bonds and an absolute return strategy in global credit markets alongside Stephen Thariyan. He joined Henderson in 2003, having made the leap from financial analyst to fund manager the year before. He graduated from Aston University in Birmingham. Karsten Rosenkilde has been a portfolio manager at Deutsche Asset & Wealth Management (formerly DWS) for four years. He defines his investment style as momentum, growth and value. He cites the European sovereign debt crisis as key to forming his current geographical approach to investment, which he combines with credit fundamentals. He began his career at Merrill Lynch before becoming a portfolio manager at Nykredit and BayernLB. Alasdair Ross joined Threadneedle in 2003 as an investment analyst. Prior to this, he was on the commercial graduate programme at BP. He is a chartered financial analyst and holds memberships of UKSIP and the CFA Institute. He graduated from Oxford University. MONDHER BETTAIEB DAVID STANLEY STEPHEN THARIYAN Manager ratio Manager ratio Manager ratio 0.901 0.716 0.709 Mondher Bettaieb has run the Vontobel Fund Euro Corporate Bond Mid Yield since June 2010 and uses an active investment style. Before joining Vontobel, he was a credit strategist at AXA Investment Managers and has also worked at Swisscanto, Winterthur Asset Management and Rothschild Asset Management. David Stanley is a vice-president of T Rowe Price International and is responsible for European credit exposure and analysis. Prior to his current role, he was a director and portfolio manager responsible for the analysis of international corporate bonds and cash investments at Bank of America Capital Management. He has also worked for Morgan Stanley Asset Management, Aetna Capital Management International and MGM Assurance. Stephen Thariyan is head of credit at Henderson Global Investors. He takes an active investment style with sufficient diversification to ensure liquidity to control downside risk. He uses bond futures to manage duration. JAN SØRENSEN STEPHEN SNOWDEN MICHAEL SCHILLER Manager ratio Manager ratio Manager ratio 0.682 0.682 0.655 Jan Sørensen is based in Copenhagen and is senior portfolio manager at Nordea Investment Management. He has been with the firm since 2009 and runs the Euro Diversified Corporate Bond fund among others, using a fundamental bottom-up investment style. Formerly, he was chief portfolio manager at Danske Capital, which he joined in 2000. Sørensen graduated from Copenhagen Business School where he studied for a Graduate Diploma in Business Administration. 64 EURO STARS Stephen Snowden joined Kames Capital in July 2011, where he runs the Kames Absolute Return Bond fund. He began his financial career at Aegon as a US analyst. He was subsequently moved into the corporate bond team and took responsibility for a wide range of investments when he was promoted to head of retail fixed income in 2002. He later moved to Old Mutual Asset Management to run the Old Mutual Corporate Bond fund after Richard Woolnough’s move to M&G Investments and took charge of the fund in February 2004. Michael Schiller is head of portfolio management, corporate bonds (ex financials) at Union Investment where he has worked since 2007, using a benchmark-oriented, active investment style. Based in Frankfurt, he started is career at DZ Bank in 1997 as a fixed income research analyst before joining Deutsche Asset Management as a corporate bond fund manager. He studied economics at the University of Trier. FIXED INCOME STEPHAN ERTZ, UNION INVESTMENT CORPORATE BONDS Union Investment’s Stephan Ertz stands out among his Corporate Bond category peers thanks to his adeptness at currency plays and eye for value ERTZ’S THREE-YEAR CITYWIRE TRACK RECORD* Stephan Ertz Markit iBoxx Euro Corporates 25 20 % Growth TR (EUR) ERTZ EYES DRAGHI’S NEXT MOVE WITH SHIFT INTO LONG DURATION 15 10 5 0 When Stephan Ertz took over the UniEuroRenta Corporates fund in 2007, his job was to reshape a strategy such that it would withstand the first blows of a credit crunch. ‘When I took over the fund, I actively decided to reduce positions in structured credit and derivatives, such as short-term credit default swaps that had proved highly illiquid in times of market volatility,’ Ertz, who is also head of credits at Frankfurt-based Union Investment, told Citywire. The fund, launched in 2000, preferentially invests in corporate bonds denominated in euros. However, given the low interest rate environment, which makes hedging back into euros relatively cheap, there are some examples in which the fund ha has bought bonds issued in another currency at a comparative discount to Euro-denominated equivalents. ‘There are some s cases where companies llike Continental or Ford Credit Europe have issued in non-euro currency at a cheaper rate. Hedging Hedgi remains still quite cheap and s so with a company like FCE, we still found their sterlingdenominated bond issuance in May a good buying opportunity,’ says Ertz. -5 Feb-11 Feb-12 Feb-13 Feb-14 SOURCE: Citywire & Lipper *Performance of all funds under management NUMBER OF APPEARANCES IN CITYWIRE EURO STARS ‘Further easing by the European Central Bank could happen as early as June’ SPANISH PLA PLAYS REAP REWARDS The fund cu currently holds an overweight position in French overw names, which Ertz says na is down to a preference for French banks. In the past few years, it has however been an exposure to Spanish companies that has really helped boost the fund’s performance. ‘One of our biggest performers in the fund has been our exposure to Spain, which we’ve held as an overweight since the Draghi-led turning point for the market in 2012,’ he says. ‘Here [in Spain] we bought particularly covered bonds due to their relative value at the time. This is a position that this year we have turned back by buying government bonds due to their comparative liquidity alongside corporate bonds of companies like Telefonica, which offered a more attractive spread.’ For the coming quarter, Ertz is taking a bias towards spreads with longer duration on the back of expected moves by the European Central Bank in the upcoming policy meeting this June. ‘A further easing by the ECB could happen as early as June and this would of course only be positive for credit spreads, which means that we are taking a long spread position,’ he says. EURO STARS 65 FIXED INCOME CORPORATE BONDS LOUIS CHABRIER JEAN-OLIVIER NEYRAT MARK LIEB Manager ratio Manager ratio Manager ratio 0.625 0.613 0.549 Louis Chabrier JP Morgan Global GBI Hedged SEK 20 % Growth TR (EUR) 15 10 5 0 -5 Feb-11 Feb-14 Jean-Olivier Neyrat employs an active strategy in the European investment grade bond sector at HSBC Asset Management, focusing on credit strength and risk premium fundamental research, with a top-down overview. His strategy uses both cash and a 30% derivative weighting to manage the duration of the fund and aims to perform in all market conditions. He has been at HSBC since 2007, but has also worked at Dresdner, Crédit Lyonnais and Elgin Capital. PHIL JACOBY JULIEN DAIRE Manager ratio Manager ratio 0.549 0.545 Phil Jacoby joined Spectrum Asset Management in 1995 where he is currently a portfolio manager overseeing the Principal GI Preferred Securities fund with Mark Lieb. Before this he worked at USL Capital Corporation as a senior investment officer. He started his career in 1981 as an assistant portfolio manager at the Northern Trust Company, and joined EF Hutton in 1983 where he was vice-president of institutional sales. Mark Lieb started his career in 1976 with Mosley Hallgarten & Estabrook where he worked on the stock trading desk. He founded DBL Preferred Management Inc in 1979 where he was director and partner. In 1987 he joined Spectrum Asset Management, where he is currently an executive director, fund manager and chief financial officer. He has been managing funds for more than 23 years. Julien Daire is head of credit management at CPR Asset Management having started at the group in 1998 as a risk manager and later became head of the risk department. He uses a directional investment style and manages the CPR Credixx Global High Yield and CPR Credixx Investment Grade funds. Based in Paris, he studied at Rennes University. EMERGING MARKET BONDS KARSTEN ROSENKILDE KRISTEL KIVINURM-PRIISALM ARISTOTELES DAMIANIDIS Manager ratio Manager ratio Manager ratio 1.201 0.708 0.700 66 EURO STARS Kristel Kivinurm-Priisalm has been working at Avaron Asset Management as a managing partner and investment manager since 2007. She now co-manages two funds, the Avaron Emerging Europe and Avaron Eastern Europe Fixed Income funds using a value, fundamental bottom-up style. Based in Tallinn, she began her financial career in 1997 at Trigon Capital after studying international business at Concordia International University (now Tallinn Technical University) in Estonia. Aristoteles Damianidis Cust Benchm JPM EMBI/ML EM EGBI (50:50) 30 % Growth TR (EUR) Karsten Rosenkilde has been a portfolio manager at Deutsche Asset & Wealth Management (formerly DWS) for four years. He defines his investment style as momentum, growth and value. He cites the European sovereign debt crisis as key to forming his current geographical approach to investment, which he combines with credit fundamentals. He began his career at Merrill Lynch before becoming a portfolio manager at Nykredit and BayernLB. 25 20 15 10 5 0 -5 -10 Feb-11 Feb-14 FIXED INCOME EMERGING MARKET BONDS EUROPEAN BONDS VALDUR JAHT PETER PRIISALM MARK DOWDING Manager ratio Manager ratio Manager ratio 0.634 0.634 1.752 Peter Priisalm has over 16 years’ experience in investment management, corporate finance and strategic management. He has worked at Avaron Asset Management since 2007 as an investment manager. He is based in Tallinn and studied international business at Concordia International University Estonia. Paul Ehrlichman 30 20 10 0 -10 -20 Feb-11 Feb-14 RUSSEL MATTHEWS VASCO TELES CLAUS MEYER-CORDING Manager ratio Manager ratio Manager ratio 1.692 1.436 0.996 Russel Matthews joined BlueBay in September 2010 as a portfolio manager running European bond strategies. He previously worked at Invesco Asset Management for 10 years where he was responsible for running multi-currency global fixed income portfolios for retail and institutional clients. Prior to joining Invesco, Russel worked at Citigroup Asset Management. He holds a BA in economics and journalism from Rhodes University. Vasco Teles is a fixed income portfolio manager at Espírito Santo Activos Financeiros based in Lisbon. He joined the company in September 2008 and runs the Euro Bond fund where he uses a macro and fundamental investment style using tactical derivatives and currency overlays. Prior to joining Espirito Santo he worked for over a year for BES and spent several years at BPI. He has has over 19 years’ experience in the finance industry. Frankfurt-based Dr Claus Meyer-Cording works at Deutsche Asset and Wealth Management where he runs bond strategies with a macro and fundamental investment style. He joined DeAWM in 1986, accruing over 25 years of experience at the company. Claus was educated at Tübingen University and holds a degree in bond financed government expenditure. He also holds a PhD in economics. Claus was born in Bonn in Germany. GERD RENDENBACH SUSANNE KUNDERT MATTHIAS WILDHABER Manager ratio Manager ratio Manager ratio 0.908 0.792 0.672 With more than 20 years’ experience in fund management, Gerd Rendenbach is presently head of fixed income at BayernInvest. He has been with the firm since 2011 and previously worked at Pioneer Investments as head of total return. Based in Munich, he manages BayernInvest’s short-term fund dealing in global bonds and uses an absolute return investment style. He read Economics at the University of Bonn. FTSE World 40 % Growth TR (USD) Valdur Jaht co-manages the Avaron Emerging Europe and Avaron Eastern Europe Fixed Income funds with Kristel Kivinurm-Priisalm along fundamental, value-focused lines. Like his colleague, he started working at Avaron Asset Management in 2007 as a partner and investment manager. Prior to joining the company he worked at Trigon Capital as an analyst and portfolio manager. He studied business administration at the University of Tartu. Susanne Kundert runs institutional mandates and invests in her own strategies at LGT Capital Management, which she joined in 2009. She started her career at Swiss Reinsurance in 2001 as a financial analyst. After this, she joined PriceWaterHouse Coopers, where she gained experience in M&A transactions. In 2006, she joined Man Investments as a senior investment manager before joining LGT Capital Management. Matthias Wildhaber worked for Bank Julius Bär for nine years before joining Swiss and Global in October 2009 as a portfolio manager. He uses a top-down view and cash as one of the tactical elements of his investment strategy. He studied at the Fachhochschule Nordwestschweiz, in Baden, and is a certified international investment analyst (CIIA) and a member of the Swiss Financial Analyst Association. EURO STARS 67 FIXED INCOME EUROPEAN BONDS LAURENCE KUBLI BOUTAINA DEIXONNE RIKKE SECHER Manager ratio Manager ratio Manager ratio 0.672 0.564 0.558 Boutaina Deixonne BofA Merrill Lynch EMU Corp 1-3 Yrs 12 10 % Growth TR (EUR) Laurence Kubli joined Swiss & Global where she is a fund manager in 2007. She started her career at Credit Suisse where she worked as an investment adviser and derivative investor. After four years, in 1996, she joined Merrill Lynch and in 1999 she started her fund management career at Man Group. 8 6 4 2 0 -2 Feb-11 Rikke Secher has been with Danske since 1990. First, with the Bank and then with Danske Capital, where she is a senior portfolio manager. She exercises an active investment style throughout her European bond fund management, incorporating a top-down view into the portfolios. She uses interest rate futures and foreign exchange forwards to hedge exposure in these areas. Feb-14 GLOBAL BONDS VASCO TELES SCOTT A MATHER ISOBEL LEE Manager ratio Manager ratio Manager ratio 1.436 1.375 1.161 Vasco Teles is a fixed income portfolio manager at Espírito Santo Activos Financeiros based in Lisbon. He joined the company in September 2008 and runs the Euro Bond fund where he uses a macro and fundamental investment style using tactical derivatives and currency overlays. Prior to joining Espirito Santo he worked for over a year for BES and spent several years at BPI. Scott A Mather joined PIMCO in 1998 where he is co-deputy CIO in the Newport Beach office and head of global portfolio management. Prior to this, he was the head of portfolio management for Europe. He was also a managing director of Allianz Global Investors KAG. Before joining PIMCO, he was a fixed income trader at Goldman Sachs in New York. Isobel Lee is a global fixed income fund manager at Insight Investment. Prior to joining Insight in 1997, she worked for UBS, Greenwell Montagu and has more than 20 years’ experience within the finance industry. She uses a fundamental and macro investment style, and her strategy is suited to all market environments. She studied at the University of Manchester and at Wadham College, Oxford. BRUNO CRASTES SUSANNE KUNDERT AL JALSO Manager ratio Manager ratio Manager ratio 0.968 0.792 0.775 Bruno Crastes started his career in finance as a proprietary trader on the global bond markets for Banque Louis Dreyfus in 1988. He began managing global fixed income portfolios at Crédit Agricole Asset Management in 1990 and was appointed head of international fixed income in 1997. He was made CIO and deputy CEO of CAAM’s London operation in November 2002. In 2010, he set up H2O Asset Management alongside Vincent Chailley. 68 EURO STARS Susanne Kundert runs institutional mandates and invests in her own strategies at LGT Capital Management, which she joined in 2009. She started her career at Swiss Reinsurance in 2001 as a financial analyst. After this, she joined PriceWaterHouse Coopers, where she gained experience in M&A transactions. In 2006, she joined Man Investments as a senior investment manager before joining LGT Capital Management. Born in the US and currently based in London, Al Jalso manages the Russell Global Bond Fund using a macro investment style. He is a CFA and CPA and graduated from Carnegie Mellon University where he studied Finance. FIXED INCOME MARK DOWDING, BLUEBAY EUROPEAN BONDS BlueBay’s Mark Dowding has claimed the spotlight in our European Bonds category so it’s worth noting where he eyes the next run of winning performance DOWDING’S THREE-YEAR CITYWIRE TRACK RECORD* Mark Dowding Barclays Euro Aggregate Treasury 35 30 25 % Growth TR (EUR) DOWDING CALLS TIME ON PERIPHERAL EUROPEAN DEBT 20 15 10 5 0 Mark Dowding, senior bond manager at BlueBay Asset Management, says the rally in Spanish and Italian debt may have run its course. Dowding, who runs the Bluebay Investment Grade Euro Aggregate Bond fund, says the market had ‘gone a long way and it looks like we’ve seen most of the tightening in the periphery spreads that we’re looking for’. He took a more bullish position on these bonds about two years ago, around the time that European Central Bank president Mario Draghi announced the Outright Monetary Transactions programme in September 2012. Dowding, who is known for his sharp and timely commentary on ECB monetary policy, was quick to react to Draghi’s announcement and within minutes had described the ECB’s action as ‘credible and logical’. Two years on and he admits that ‘the market has yet to call the ECB’s bluff’ but has started to unwind his position. As debt out of the so-called periphery and most debt-ridden countries in Europe has tended to be favoured by investors in the past two years, yields on these bonds have traded tighter to German bunds, a perceived core of the eurozone. This factor, along with potential political risks stemming from European election results this year that could carry across to national elections at the beginning of 2015, have encouraged Dowding to shift towards debt from central Eastern Europe. Countries that Dowding lists as looking more attractive compared with peripheral debt, where the fund has scaled back its holdings to a ‘modest overweight’ in recent weeks, include Romania, Hungary, Iceland, Lithuania, Slovakia and the Czech Republic. -5 Feb-11 Feb-12 Feb-13 Feb-14 SOURCE: Citywire & Lipper *Performance of all funds under management NUMBER OF APPEARANCES IN CITYWIRE EURO STARS BIDING TIME ON THE EURO Despite this year’s consensus among managers that the ECB will have to tackle deflation, Dowding says he is not currently taking a view on the common currency. ‘Better data out of the US should strengthen the dollar against the euro but then at the same time I don’t think that further easing is a done deal by the ECB and the market may yet be disappointed.’ Dowding has run BlueBay’s Investment Grade Euro Aggregate Bond fund since November 2010. ‘I don’t think that further easing is a done deal by the ECB and the market may yet be disappointed’ EURO STARS 69 FIXED INCOME GLOBAL BONDS STEVEN O’HANLON SCOTT THIEL RODNEY GASKELL Manager ratio Manager ratio Manager ratio 0.754 0.741 0.661 Scott Thiel is currently deputy CIO of Fundamental Fixed Income at BlackRock. Before joining BlackRock in 2002, Scott was a vice-president at Goldman Sachs where he spent 13 years. He earned a BA from Princeton University. Citi WGB % Growth TR (USD) 20 15 10 5 0 Rodney Gaskell 15 10 5 0 Feb-11 Feb-14 Feb-11 STUART EDWARDS BERNHARD FALK HALVOR WOOD Manager ratio Manager ratio Manager ratio 0.659 0.629 0.576 Stuart Edwards is a fixed interest fund manager at Invesco Perpetual and is now responsible for global bond and cash portfolios at Invesco, having previously worked as a fixed income strategist there. He began his career as an economist at Standard & Poor’s in 1997 after graduating from the University of London. Bernhard Falk works at DeAWM as a portfolio manager running bond strategies. Prior to joining DwAWM in 2000, he worked for seven years as a proprietary trader at West LB, and for 10 years at Deutsche Bank where he held several positions including bond trader. Bernhard holds a master’s degree in banking and is also a qualified Eurex trader. He was born in Munich and is currently based in Frankfurt. STEPHEN SMITH JULIEN DAIRE Manager ratio Manager ratio Manager ratio 0.546 0.546 0.545 David Hoffman is currently a managing director and lead portfolio manager on the Legg Mason Brandywine Global Fixed Income fund. He started his career in 1979 at INA Capital Management, before working at Columbus Circle Investors and Hoffman Capital between 1983 and 1995. He joined Legg Mason in 1995. He is a CFA Charterholder. EURO STARS Stephen Smith joined Brandywine as managing director and portfolio manager in 1991, where he currently runs his range of global bond funds with an active, top-down, value investment style. He uses real yield and currencies as the fund’s primary measures of value. Other factors include macroeconomic trends and political risks, and both cash and derivatives are used for efficient portfolio management. Feb-14 Halvor Wood is based in London and is a portfolio manager for Swisscanto Funds Centre Limited. He has been with the firm since September 1997 and runs various Global Bond funds for Swisscanto using an active investment style. He is a member of the Chartered Institute for Securities & Investment and the Society for Technical Analysis. Halvor holds a CFA UK level 3 Certificate in Investment Management and a Diploma in Technical Analysis. DAVID F HOFFMAN 70 Citi WorldBIG 20 % Growth TR (USD) Steven O'Hanlon 25 Julien Daire is head of credit management at CPR Asset Management having started at the group in 1998 as a risk manager and later became head of the risk department. He uses a directional investment style and manages the CPR Credixx Global High Yield and CPR Credixx Investment Grade funds. Based in Paris, he studied at Rennes University. FIXED INCOME HIGH YIELD BONDS CHRIS BULLOCK STEPHEN KOTSEN STEPHEN THARIYAN Manager ratio Manager ratio Manager ratio 1.561 1.167 0.709 As a fixed income portfolio manager at Henderson, Chris Bullock manages a benchmarked fund in European investment grade bonds and an absolute return strategy in global credit markets alongside fellow AAArated manager Stephen Thariyan. He joined Henderson in 2003, having made the leap from financial to fund manager the year before. He graduated from Aston University in Birmingham. Stephen Kotsen joined Lazard Frères Asset Management as a portfolio manager in 1995. Three years later he transferred to a similar role at Nomura Corporate Research and Asset Management. He specialises in high yield bonds and also invests opportunistically in loans, subinvestment grade bonds and distressed debt. Cash is employed as a strategic element but no derivatives are used. He is a CFA Charterholder. Stephen Thariyan is head of credit at Henderson Global Investors. He uses an active investment style with sufficient diversification to ensure liquidity and mitigation of downside risk. He uses bond futures to manage duration. OTHER BONDS JULIEN DAIRE OPHÉLIE GILBERT YANNIK ZUFFEREY Manager ratio Manager ratio Manager ratio 0.545 1.253 1.087 Julien Daire is head of credit management at CPR Asset Management having started at the group in 1998 as a risk manager and later became head of the risk department. He uses a directional investment style and manages the CPR Credixx Global High Yield and CPR Credixx Investment Grade funds. Based in Paris, he studied at Rennes University. Ophélie Gilbert is head of fixed income LDI at Allianz Global Investors. Starting as an actuary at Cardif in September 2009, Ophélie subsequently worked as a multi asset fund manager and senior insurance fixed income portfolio manager at AGF Asset Management prior to joining Allianz in 2010. Based in Paris, she is a CFA Charterholder and a graduate of ENSAE. Yannik Zufferey is the head of Swiss fixed income at Lombard Odier and the lead manager of several bond funds for the company. Zufferey previously worked at IBM Business Consulting Services, before joining Lombard Odier in 2004. He runs his funds with a fundamental, benchmark-aware strategy, and believes that this approach has not changed since he first began managing the funds. KRISTIN EKVOLD JAN SKRARUDSETHER HALVOR WOOD Manager ratio Manager ratio Manager ratio 0.674 0.674 0.576 Norwegian Kristin Ekvold runs bond funds at Pareto AM. While running her funds she uses a fundamental strategy and prefers a stable credit environment. Prior to joining Pareto in 2004, she worked for Avanse AM. Outside of fund management she enjoys the theatre and music. Jan Skrårudsether is portfolio manager at Forvaltning AS. He runs bond funds with a fundamental investment style. Prior to this, he worked for five years at Alfred Berg Asset Management. At 21, he joined Kredittkassen (Nordea Bank), where he worked for six years after finishing his studies at the Norwegian school of economics. He was born in Oslo and away from fund management, he enjoys playing golf. Halvor Wood is based in London and is a portfolio manager for Swisscanto Funds Centre Limited. He has been with the firm since September 1997 and runs various Global Bond funds for Swisscanto using an active investment style. He is a member of the Chartered Institute for Securities & Investment and the Society for Technical Analysis. Halvor holds a CFA UK level 3 Certificate in Investment Management and a Diploma in Technical Analysis. EURO STARS 71 FIXED INCOME CHRIS BULLOCK, HENDERSON GLOBAL INVESTORS HIGH YIELD BONDS HIGH YIELD HOT SHOT BULLOCK’S TWO-YEAR TRACK RECORD ON THE HIGH YIELD FUND* Henderson HF Euro High Yield Bond A1 BofA Merrill Lynch Euro High Yield 20 Henderson’s Chris Bullock is a familiar face to those who follow the fixed income rankings closely and this time around the bond manager comes out on top in high yield. Marking his fourth successive appearance in Euro Stars, Bullock has cemented himself as one of the leading bond managers and consistently earned a AAA manager rating. Bullock, who runs three funds on behalf of the London-based investment firm, has outperformed on a risk-adjusted basis against an increasingly competitive backdrop in the high yield market. ‘We are seeing and have seen enormous demand for credit, particularly among high yield issuers. There is only so much to go round. Clearly there is increased attraction from people you wouldn’t consider traditional high yield investors,’ he says. 15 % Growth TR (EUR) From hot money flows to issuance expectations, Henderson’s Chris Bullock outlines his playbook for navigating the fast-growing fixed income market 10 5 0 Feb-12 Feb-13 *Data available since Bullock’s tenure on the fund Feb-14 SOURCE: Citywire & Lipper NUMBER OF APPEARANCES IN CITYWIRE EURO STARS BEYOND MAINSTREAM INSIGHTS This growing clamour from institutional investors, sovereign wealth funds and hedge funds to join the high yield party has led Bullock to look to areas of the market where these parttime players may fear to to tread. ‘If you look at the ffocus in the market, there are a lot of big companies issuing, but that is only one part of the market. Co Companies like Numericable came to the market in the first half of the year and it was many, many times oversubscribed. ‘But, if the mar market for high yield hadn’t been where it was, then many of the people woul would not have been involved. Those circ circumstances have seen us move to smaller sma issuances, such as those bel below $200 million.’ OVERLOOKED ISSUANCES OVERLOO This focus on smaller openings, Bullock says, has help helped find hidden gems th that more generalist investors may have investo overlooked. ‘We can overlo go int into those areas where there is limited information available and inform 72 EURO STARS ‘We are seeing and have seen enormous demand for credit, particularly among high yield issuers’ limited name recognition, which can prove promising for us.’ In the Henderson HF Euro High Yield Bond fund, Bullock says a host of ‘Marmite credits’ have come to the fore. This figure of speech takes its analogy from the advertising slogan of the British sandwich spread, which refers to customers either loving or hating it. He cites investments in Italian corporate bonds as a particularly good example of this theme, because they tend to offer higher coupons but have limited competition to get paper. ‘There have been a number of these Marmite names in the portfolio in recent months,’ he says. ‘If you take something like Snai, it had a coupon of 12% in November 2013, so imagine how attractive that looked over the start of 2014.’ Looking ahead, Bullock expects the market to return to normal once the longer-term rates picture becomes clearer. ‘We expect to see more opportunities opening in the market once these investors turn back to the investment grade market for their yield pick-up,’ he says. ‘Once this happens, then we could see quite attractive investments with less competition on the field.’ FIXED INCOME FIXED INCOME STERLING BONDS ALASDAIR ROSS STEPHEN THARIYAN STEPHEN SNOWDEN Manager ratio Manager ratio Manager ratio 1.035 0.709 0.682 Alasdair Ross joined Threadneedle in 2003 as an investment analyst and became a fund manager in 2007. He is now responsible for the European Corporate Bond fund as well as a number of institutional/segregated portfolios. Prior to this, he was on the commercial graduate programme at BP. He is a Chartered Financial Analyst and holds memberships of UKSIP and the CFA Institute. Stephen Thariyan is head of credit at Henderson Global Investors. He uses an active investment style with sufficient diversification to ensure liquidity and mitigation of downside risk. He uses bond futures to manage duration. RODNEY GASKELL HALVOR WOOD Manager ratio Manager ratio 0.661 0.576 Rodney Gaskell Markit iBoxx Sterling Non Gilts 30 % Growth TR (GBP) 25 20 15 10 5 0 Feb-11 Feb-14 Stephen Snowden joined Kames Capital in July 2011, where he runs the Kames Absolute Return Bond fund. He began his financial career at Aegon as a US analyst. He was subsequently moved into the corporate bond team and took responsibility for a wide range of investments when he was promoted to head of retail fixed income in 2002. He later moved to Old Mutual Asset Management to run the Old Mutual Corporate Bond fund after Richard Woolnough’s move to M&G Investments and took charge of the fund in February 2004. Halvor Wood is based in London and is a portfolio manager for Swisscanto Funds Centre Limited. He has been with the firm since September 1997 and runs various Global Bond funds for Swisscanto using an active investment style. He is a member of the Chartered Institute for Securities & Investment and the Society for Technical Analysis. Halvor holds a CFA UK level 3 Certificate in Investment Management and a Diploma in Technical Analysis. US DOLLAR BONDS TOM MUSMANNO STEVEN LEAR RICHARD SCHLANGER Manager ratio Manager ratio Manager ratio 1.316 1.002 0.754 Tom Musmanno is managing director at BlackRock, which he joined in 1991. He describes his investment style as short duration, investment-grade debt and fixed income arbitrage, with a moderate use of derivatives. Born in New York, he holds a BSc from Siena College and an MBA from St John’s University, and is a CFA Charterholder. Steven Lear is the deputy chief investment officer for New York and London at JP Morgan. Working on the fixed income investment team since 2008, he has had an extensive career which has seen him work at CF First Boston, Fidelity, Mercer Consulting, as well as spending 10 years at Schroders as a senior portfolio manager. Richard Schlanger works for Pioneer Investments as a vice president and portfolio manager. He has a macro, fundamental and benchmark-aware investment approach on his bond-focused strategies which include the Pioneer Funds US Dollar Short Term fund. He graduated from Denver University and Hofstra University. EURO STARS 73 74 EURO STARS MIXED ASSETS CITYWIRE SECTOR Mixed Assets Funds which explicitly invest across the asset spectrum. These are grouped together by overarching strategy and are currency agnostic. 76 Blending the best opportunities from a combination of asset classes, here are the fund managers creating the right mix at the right time MIXED ASSETS MANAGER NAME MANAGER RATIO GROUP CURRENT FUNDS Richard Hughes 1.986 M&G M&G Extra Income A Inc SECTOR Mixed Assets - Aggressive Richard Colwell 1.444 Threadneedle Threadneedle Monthly Extra Income Ret Net Inc GBX Threadneedle Managed Income Mixed Assets - Aggressive Mixed Assets - Aggressive Massimo Trabattoni 1.070 Lemanik Lemanik Sicav Italy Cap R EUR A Mixed Assets - Balanced Stefan Kloss 1.064 Allianz Global Investors Kapital Plus - A - EUR Mixed Assets - Conservative Alasdair Ross 1.035 Threadneedle Threadneedle Monthly Extra Income Ret Net Inc GBX Mixed Assets - Aggressive Stephanie Butcher 0.797 Invesco Invesco Perpetual European High Inc (No Trail) Acc Invesco Pan European High Income A Mixed Assets - Balanced Mixed Assets - Conservative Ian Kelly 0.754 Schroders FP Verbatim Portfolio 5 Income A Inc Mixed Assets - Balanced Barnaby Wiener 0.687 MFS MFS Meridian Funds Prudent Wealth A1 USD Mixed Assets - Conservative Thorsten Paarmann 0.655 Invesco Invesco Global Dynamik Fonds Mixed Assets - Flexible Steven Andrew 0.611 M&G M&G Episode Income A Inc M&G Income Allocation EUR A Acc Mixed Assets - Balanced Mixed Assets - Flexible Michael Clark 0.587 Fidelity Worldwide Investments Fidelity Moneybuilder Balanced Inc Mixed Assets - Balanced Norbert Hagen 0.558 I.C.M. Investmentbank Leonardo UI T Mixed Assets - Flexible Ralph Weber 0.558 Swiss & Global Asset Management Julius Baer Strategy Growth-EUR B Julius Baer Strategy Balanced-EUR B Julius Baer Strategy Income-EUR B Mixed Assets - Aggressive Mixed Assets - Balanced Mixed Assets - Conservative Andreas Brugger 0.558 Swiss & Global Asset Management Julius Baer Strategy Growth-EUR B Julius Baer Strategy Balanced-EUR B Julius Baer Strategy Income-EUR B Mixed Assets - Aggressive Mixed Assets - Balanced Mixed Assets - Conservative EURO STARS 75 MIXED ASSETS MIXED ASSETS RICHARD HUGHES RICHARD COLWELL NAME MASSIMO TRABATTONI Manager ratio Manager ratio Manager ratio 1.986 1.444 X.XXX 1.070 Massimo Trabattoni 10 0 -10 -20 -30 -40 Feb-11 ALASDAIR ROSS STEPHANIE BUTCHER Manager ratio Manager ratio Manager ratio 1.064 1.035 0.797 Alasdair Ross joined Threadneedle Investments in 2003 as an investment analyst and became a fund manager in 2007. He is now responsible for the European Corporate Bond fund as well as a number of institutional/ segregated portfolios. Prior to this, he was on the commercial graduate programme at BP. He is a Chartered Financial Analyst and holds memberships of UKSIP and the CFA Institute. 25 20 15 10 5 0 -5 -10 Feb-11 Feb-14 Stephanie Butcher began her career in finance at Lazard Brothers in October 1993, managing US portfolios before moving to Aberdeen Asset Management in 1997. She joined Aberdeen’s European desk in the summer of 1998 after a brief spell as a North America fund manager. She moved to Invesco in 2003 to become a fund manager on the group’s European equities team. She studied at Cambridge University. Feb-14 IAN KELLY BARNABY WIENER THORSTEN PAARMANN Manager ratio Manager ratio Manager ratio 0.754 0.687 0.655 Ian Kelly is a European equity analyst and portfolio manager at Schroders, where he started his career in 2007. He also runs institutional mandates and within his investment approach he uses dividend yield with enhanced income through a covered call overlay strategy. Ian is a CFA Charterholder and also holds a PhD in biophysics from Newcastle University. 76 FTSE Italy 20 STEFAN KLOSS Stefan Kloss LCI MSCI Eu/WxEu/Cg WBIGxMBS/E'BOR(12½:12½:60:15) % Growth TR (USD) Richard Colwell joined Threadneedle Investments in 2010 where he runs the Threadneedle Managed Income, Monthly Extra Income, UK Growth & Income and UK Overseas Earnings funds. He launched his career at the Bank of England in 1990, before stints at B2W, Schroder Investment Management and Credit Suisse Asset Management. In 2007, he joined Aviva Investors where he ran the UK Income & Growth fund before joining Threadneedle. % Growth TR (EUR) As a UK equity income fund manager and director of investment trusts at M&G, Richard Hughes looks after more than £2 billion worth of assets for the group. He joined M&G in 1986 following an eight-year stint with Derbyshire County Council where he managed its pension fund. Hughes studied at Sheffield University. EURO STARS Barnaby Wiener is an investment officer and portfolio manager at MFS. He uses a bottomup process for selecting securities. He started his career in the British Army, where he was a captain, then joined Credit Lyonnais as an equity research analyst. He later moved to Merrill Lynch as a research analyst before joining MFS International in 1998. Thorsten Paarmann joined Invesco in 2004 where he currently works as a senior portfolio manager. He runs a number of funds, the largest being the Invesco Pan European Structured Equity fund. He started his career at Cominvest Asset Management as a product manager for a range of institutional pooled funds. MIXED ASSETS RICHARD HUGHES, M&G MIXED ASSETS MINING THE RIGHT MIX HUGHES’S THREE- YEAR CITYWIRE TRACK RECORD* Richard Hughes LCI FTSE Allshr/FT-A Brit Gvt AlStk (66.67:33.33) 50 M&G Extra Income’s Richard Hughes has been adding to diversified miners Rio Tinto and BHP Billiton after avoiding the stocks for years because of their low yields. Hughes profited from having nothing in miners between 2007 and 2010, but started buying back in late 2011, when the yield on mining stocks started to rise. ‘We started buying BHP Billiton when its share price had fallen from £26 to £19. Rio Tinto yields less but we started buying last year. ‘Both have spent a lot of money and not all of it wisely but they have good corporate governance and sensible management and their commitment to paying the dividend is key, in contrast to a lot of the highly geared, more speculative mining companies.’ BANKING ON FINANCIALS AND UTILITIES Hughes has generally avoided banks anks but he has started to add to Standard Chartered after its share are price fell dramatically. He also holds HSBC, which he favours for or its emerging market exposure at a time when his portfolio has just one non-UK stock, Verizon. He took advantage of a profit warning at the end of December 2013, which saw its ts share price drop almost 8%. ly rated, but of late ‘Standard Chartered was highly it has had a more difficult time. We want the big ecause we always global looking FTSE blue chips because ile a lot of high tend to have more in the UK, while yielding stocks are in the duller areas like utilities.’ So far this year, utilities have been some of the er share prices best performers in the FTSE, after cember came off last November and December when politicians started to criticise companies over profits. Hughes owns Centrica and Scottish & Southern and is overweight the sector. ‘This year utilities have been the place to be. Suddenly dull, steady UK stocks look quite attractive 40 % Growth TR (EUR) M&G’s Richard Hughes has topped the Mixed Assets section of our Euro Stars guide for the second year running. We highlight how a keen understanding of when to buy selected stocks such as miners, banks and utilities has kept him ahead of the pack 30 20 10 0 -10 Feb-11 Feb-12 Feb-13 Feb-14 SOURCE: Citywire & Lipper *Performance of all funds under management NUMBER OF APPEARANCES IN CITYWIRE EURO STARS ‘UK stocks look quite attractive when you consider co geopolitical risks such as Ukraine’ when you consider geopolitical g risks such as Ukraine.’ Since the credit crunch, Hughes has also gradually built up his weighting to the life sector and has seen strong performance from Aviva and Standard Life. The fund is gen generally a low turnover vehicle, but Hughes made an exceptio exception for life group RSA. ‘We got cross w when they cut the dividend, so sold the entire stake in la late 2013, which allowed us to miss most of the bad news.’ PLAYING SAFE IN BONDS The fund’s bo bond exposure remains at its bottom limit of 20% as Hughes H and Ben Lord – who advises on the fund’s bond portfolio – are happy to remain in what Hug Hughes calls ‘solid, unexciting companies’ that wil will perform well against a backdrop of geopolitical risks. geopo ‘We don’t want risky, covenant-light, high yield junk. We want companies that h we know can afford to pay us back.’ EURO STARS 77 MIXED ASSETS MIXED ASSETS STEVEN ANDREW MICHAEL CLARK NAME NORBERT HAGEN Manager ratio Manager ratio Manager ratio 0.611 0.587 X.XXX 0.558 As a fund manager at M&G, Steven Andrew is responsible for the M&G Episode Income fund, which he has run since first becoming a fund manager for the company in 2010. The fund follows a top-down investment style, focusing on macro factors with a behavioural finance overlay. This investment philosophy has allowed the fund to offer returns in various market conditions, and he believes that the strategy is robust enough to continue to do so in the future. Michael Clark has been working in investment management for more than two decades. An economics graduate from Cambridge University, he started out working as an analyst for Morgan Grenfell in 1986. After a two year stint he joined Enskilda where he worked until 1994 before joining JP Morgan. He then joined Fidelity International in 2002 where he runs the Fidelity Income Plus and Enhanced Income funds. RALPH WEBER ANDREAS BRUGGER Manager ratio Manager ratio 0.558 0.558 Ralph Weber has been a fund manager at Julius Baer since 2000 and aims to invest in quality stocks that are at a reasonable valuation. His career started in 1991 at UBS where he held various positions before joining Julius Baer. He graduated from Zurich University. Andreas Brugger of Swiss & Global Asset Management focuses on mixed assets. He has managed the Julius Baer Strategy Balanced-EUR fund since its inception in 1999 and the Julius Baer Strategy Income fund since 2005. His primary performance drivers are capital gains on stocks, as well as interest and dividend income. Norbert Hagen manages the Leonardo UI fund at Berlin-headquartered I.C.M. Investment Bank. Based in Nuremburg, he has managed the flexible mixed asset fund since 2007. The fund has a wide investment remit and invests in international equities and fixed income, as well as alternative assets. He has worked in the financial industry in various positions within Merrill Lynch and HVB. He started working with ICM in 2000. He is also on the board of directors at Solar Millennium Invest. 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EURO STARS 79 Results based on experience and specialization Fixed Income by Vontobel Asset Management For further information please contact us: asset.management@vontobel.ch ISIN: LU0278087860 130 125 120 115 110 105 Morningstar Rating TM Overall Mar 14 Nov 13 Jul 13 Mar 13 Nov 12 Mar 12 Nov 11 95 Jul 12 Vontobel Fund – EUR Corporate Bond Mid Yield I EUR Index: ML EMU Corporate A-BBB EUR TR 100 Jul 11 * 31 December 2013 Stefan Chappot Portfolio Manager High Yield Vontobel Fund – EUR Corporate Bond Mid Yield I EUR Mar 11 Vontobel Asset Management’s Fixed Income boutique comprises three teams that share common investment beliefs on active portfolio management, whilst tailoring their own investment processes. Our 14 investment specialists boast an average of 15 years of experience and manage more than 8 billion Euro* in global, emerging-market and corporate bond strategies. Various industry awards testify to the success of our portfolio managers’ approach. 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