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Five global high yield bond fund managers to follow

Citywire Investment Research uncovers the risk-adjusted outperformance in this specialist sector.

Market overview

In May a total of 159 rated managers have received Citywire ratings, with 8 being awarded a AAA rating, 19 were handed AA, 55 achieved an A rating and 77 are Citywire + rated. This is within the broad high yield bonds Citywire asset class. This asset class includes following Citywire sectors breakdown:

  • Bonds - Global High Yield
  • Bonds - Europe High Yield
  • Bonds - Euro High Yield
  • Bonds - US Dollar High Yield
  • Bonds - Canadian Dollar High Yield
  • Bonds - Sterling High Yield

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Highest New Entrant

Fund Manager: Thierry Lebaupain, Amundi

Rating: + rated

Overview

Thierry Lebaupain sits within French firm Amundi’s high yield credit team and has come into the ratings on his debut with a + rating for outperformance in his sector. This achievement is based on his three years risk-adjusted performance on Structura - European High Yield Bond - I4 BRL fund that he has co-managed with Marina Cohen since October 2011.

During his management the fund has returned 39.71 %, which is compared to a 13.70 % rise by average manager over the same period in euro term. This fund invests in corporate high-yield and investment grade bonds.

Additional funds overseen by Lebaupain which contribute to his rating are the Amundi Fds Bd Euro High Yield Short Term - FE, Amundi Fds Bond Euro High Yield – IE and SG Oblig High Yield funds.

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Comeback Star

Fund Manager: Ben Pakenham, Aberdeen

Rating: + rated

Overview

Having last been rated by Citywire back in September 2016, Aberdeen Asset Management’s Ben Pakenham returned to the ratings this month. Pakenham earned a Citywire + rating for his performance on the Aberdeen Global - Select Euro Hi Yld Bd A2 Acc EUR fund that he has been co-managing with Steven Logan since May 2012.

Over the last five years, he has returned 22.26 % against the average manager’s return of 17.80 % in the sector in euro terms. The fund aims to provide income and growth return mainly by investing in government and corporate bonds and is intended for investors who are willing to accept a high level of risk.

Looking at the most recent factsheet the breakdown of the fund’s biggest investment sectors shows services accounting for 18.7%, media 15.2%, financial services 9.2%. As of the end of March 2017, the fund had €1 billion in assets under management.

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One to Watch

Fund Manager: Per Wehrmann, Deutsche AM

Rating: AAA rated

Overview

Per Wehrmann has been working as a portfolio manager at Deutsche Asset Management since 2001. He has been a lead manager of Deutsche Invest I Euro High Yield Corp LC fund since July 2012 and based on fund’s performance this month he has received his sixth consecutive AAA-rating.

Registered for sale in several countries, this fund focuses on high-yield corporate bonds and is intended for the growth-oriented investors. Over the five year timeframe, Wehrmann returned 47.86 % compared to a return of 37.14 % by the average manager in the sector in euro terms.

According to the most recent fund factsheet, the top company positions held by Wehrmann are bonds issued by UPC Holding, Unitymedia, Telefonica and Telecom Italia. The largest issuer by country is France, which makes up 15.8% of geographic exposure.

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Rising Stars

Fund Managers: Julien Daire & Benoit Houzelle, CPR AM

Rating: AAA rated

Overview

Rising back to a Citywire AAA rating this month are CPR Asset Management’s Julien Daire and Benoit Houzelle. They co-manage a global high yield fund registered for sale in France and Switzerland, which is the CPR Credixx Global High Yield – I.

The fund offers investors access to the markets of European and US private issuers in the high yield category via direct exposure to credit spreads. Over the last three years, they have delivered solid performance and returned 25.89% against an average manager return of 2.83% US dollar terms over the same period.

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Related Fund Managers

Julien Daire
Julien Daire
1/168 in Bonds - Global High Yield (Performance over 3 years) Average Total Return: 25.61%
Benoit Houzelle
Benoit Houzelle
2/168 in Bonds - Global High Yield (Performance over 3 years) Average Total Return: 25.61%
Thierry Lebaupain
Thierry Lebaupain
56/76 in Bonds - Euro High Yield (Performance over 3 years) Average Total Return: 8.61%
Ben Pakenham
Ben Pakenham
55/76 in Bonds - Euro High Yield (Performance over 3 years) Average Total Return: 8.64%
Per Wehrmann
Per Wehrmann
8/76 in Bonds - Euro High Yield (Performance over 3 years) Average Total Return: 19.69%
Events
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