Fund Manager: Paul Gagey, Aviva Investors
Rating: AA-rated in Bonds - Euro
Moving up the ratings this month is Paul Gagey, who has risen from a Citywire A rating to AA-rated this month. His performance is drawn from the Aviva Rendement Europe fund, which has been under his management since October 2006.
In five year numbers, Gagey has returned 49.5% while the average manager in the Bonds – Euro sector returned 19.2% in euro terms over the same time period.
Gagey is currently viewing the whole market as expensive but has seen the opportunity to strengthen current positions in Belgium multinational insurance company Ageas, which makes up 2.2% of the fund's exposure. The company has its activities centred on Europe and Asia with its UK segment being among the key contributors to the company’s targets. Ageas currently holds the A rating with a stable outlook by S&P and Fitch.
In terms of region, Gagey only has 14% exposed to the UK and is currently 6.9% underweight against the index. On the other hand, France is among the largest bets, making up 27.3% of his allocation, which is an overweight of 6.8 percentage points compared to the index.