Athletes from around the world have this month gathered in Rio de Janerio to compete in a host of sports, covering volleyball, archery and equestrian, among many others.
Citywire Selector delves into fund manager data, to take a light-hearted look at the investors who have stayed fighting fit in the emerging markets since the last Olympic Games took place four years ago.
The first in our two part Olympic series detailed the achievements of managers in global bonds, global equities, European equities and European bonds.
In this second part, we look at how managers from across the developing world asset classes have performed over the four years to the end of June 2016.*
*Analysis focuses on cross-border fund performance, co-managers are treated as one entry.
Emerging Markets- Global Local Currency
||BlackRock||8.94%||BGF Emer Mkts Loc Curr Bd
|Silver||Michael Hasenstab & Laura Burakreis
||Franklin Templeton||4.83%||Templeton Emerging Markets Bond
||Rubrics Asset Management||1.86%||Rubrics Emerging Markets Fixed Income Ucits
Travelling at the speed of light to the top of the leader board is BlackRock’s Michal Wozniak, who tops the four year figures for his performance at his current employer and also his tenure at Lombard Odier IM.
Scooping second place is Franklin Templeton duo Michael Hasenstab and Laura Burakreis, who have achieved a 4.8% return. As of June 2016 the pair held 15.57% of their EM bond fund in Ukraine, 11.99% in Brazil and 7.95% in Ghana.
Picking up bronze is Rubric’s Daniel Moreno, who has a more diverse approach in his Dublin-domiciled fund. His latest fund update highlighted how the biggest short-term gains came from long-dated bonds in Mongolia, El Salvador, Pakistan, Gabon and Ghana.
Emerging Markets - Global Hard Currency
||Edmond de Rothschild||49.67%||Edmond de Rothschild Fund- Emerging Bonds
||First State||23.25%||First State Emerging Markets Bond A Acc Hedged & First State Emerging Markets Bond I
||KBC Asset Management||22.73%||KBC Bonds Emerging Markets Cap
Grabbing gold for the hard currency sector is Edmond de Rothschild’s Jean-Jacques Durand. In a recent fund manager commentary, Durand had highlighted pre-coup Turkey as an investment opportunity, as he believed assets had become more attractive given the strength of the country and investors’ positioning.
In second place is First State’s Helene Williamson, who has over 30 years’ experience in the asset management industry. Williamson currently has 39.4% allocated to Latin America and 29.5% allocated to Europe.
Third sits Bob Maes, who in 2015 was one of the top EMD hard currency managers of the year. Maes has run the Luxembourg-domiciled fund since June 2011, the objective of the fund is to invest primarily in markets such as Southeast Asia and Latin America.
Emerging Market Equities – Global
||Stewart Investors||24.19%||Stewart Investors Global Em Mkts Sustnbl
|Silver||Nick Langley & Richard Elmslie
||RARE Infrastructure||19.85%||Rare Emerging Markets G
||Hermes||19.22%||Hermes Global Emerging Markets
Topping the EM equity charts is Citywire AA-rated David Gait, who looks to the Indian rupee as the funds top currency and as of June 2016 had 26.39% allocated to it. He also has 13.93% invested in Brazilian real, 11.21% to the Chilean peso, 7.54% to the Taiwan dollar and 7.28% to the Philippine peso.
Running into second place is RARE duo Nick Langley and Richard Elmslie, who focus the bulk of their fund on Asia Pacific emerging markets, and as of May 2016 had 51% allocated to the region. This was closely followed by Latin America 40%, Middle East 1%, Eastern Europe 1% and a 7% allocation to cash.
Finishing up in third is Citywire AA-rated Gary Greenberg, whose top 10 holdings include big names such as Tencent 6.13%, Taiwan Semiconductor Manufacturing 5.27% and Alibaba 3.09. Greenberg is also overweight in China 29.52%, Taiwan 16.78% and India 15.99%.