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Four managers to watch in global bonds

Citywire Investment Research finds a veteran returning to the ratings fold and a duo rising up with their strong risk-adjusted returns.

Market Overview

Global bonds as an asset class has 220 managers with a rating this month. Of those there are 5 who are now AAA-rated, 36 are AA-rated, 70 are A-rated and 109 have a Citywire + rating. Here Citywire Investment Research showcases the managers making waves in this sector.

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Highest New Entrant

Fund Manager: Patrik Kauffmann, Solitaire Wealth Management

Rating: AA rated

Overview

Patrik Kauffmann of Solitaire Wealth Management is this month’s highest new entrant having achieved a AA-rating after a strong three-year performance in the global bonds asset class.

Kauffmann returned 17.1% over the analysis period compared to the average manager’s loss of 4%. The Solitaire Global Bond Fund forms the entire basis of his performance and he has overseen this fund since January 2014. This fund is registered for sale in Liechtenstein and Switzerland.

The fund’s biggest geographical bet is on the US with 10% of the fund allocated there, the Netherlands sits second with 8.3% of investments and Mexico accounts for 7.3%. Kauffmann’s biggest single bet is on Brazilian energy Petrobras (3.6%), while French group BNP Paribas is second highest at 2.8% and Aaber Invest is third with 2.7%, clearly showing his enthusiasm for corporate debt.

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Comeback Star

Comeback Star: Jim Leaviss, M&G Investments

Rating: A-rated

Overview

M&G Investments' Jim Leaviss is this month’s comeback star, having earned a Citywire A rating, which marks his first award since his previous Citywire + rating 18 months ago in August 2015.

He has returned 23% over the past five-year period compared to the average manager’s 1.4% return in global bonds. The funds contributing to his outperformance in this sector are the M&G Global Macro Bond and the M&G Offshore Global Macro Bond T-H PTG SHS funds, which he has managed since the October 1999 and October 2010, respectively.

The M&G Global Macro Bond fund currently has 50% of the portfolio exposed debt in the US, while its second largest country exposure is the UK, which accounts for 10% of the portfolio. The fund’s largest areas of investments in terms of assets type are almost one-third of the fund in US treasuries, while German bunds make up 7.6% and Mexico sovereign debt is around 3%.

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One to Watch

Fund Manager: Andrew Jackson, HSBC Global Asset Management

Rating: AA-rated

Overview

HSBC GAM's Andrew Jackson is our manger to watch this month due to his gradual ascent up the ratings in 2016. Jackson achieved a Citywire + rating for the months of June and July, then progressed to an A rating for August and September, and has now consistently held a AA-rating since October 2016.

He returned 8.9% over the last three years compared to the average manager’s loss of 4% in global bonds. Jackson’s two funds in the sector are the HSBC GIF Global Asset-Backed Bond ZC and HSBC GIF Glbl Asset-Backed High Yield Bond ZC funds.

The HSBC GIF Global Asset-Backed Bond fund primarily invests in asset-backed securities and mortgage-backed bonds. Its biggest bets at present are Taurus CMBS at 4.2%, HSBC US Dollar Liquidity Fund at 3.9% and an Eaton Vance CDO at 3.9%. The fund is registered for sale in France, Luxembourg and the UK.

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Rising Star

Fund Manager: Robert Vanden Assem & John Yovanovic, PineBridge Investments

Rating: + rated

Overview

PineBridge Investments' Robert Vanden Assem and John Yovanovic are our rising stars for this month as they achieve a Citywire + rating for February up from being without a rating in January 2017.

They have returned 8.1% over the analysis period compared to a loss of 4% by the average manager in global bonds. The pair have co-run the PineBridge Strategic Bond A USD fund since December 2007.

At present, 72.5% of the portfolio is exposed to the US, illustrating the team’s confidence in the country’s fixed income. Vanden Assem and Yovanovic’s second largest bet is almost irrelevant in perspective, with Canada holding just 2.9% of the geographical allocation.

The duo increased their high yield target allocation this month from 35% to 40% and remain overweight investment grade credit, with a target allocation of 30%. They are underweight EMD, sitting below their target allocation of 10%.

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Related Fund Managers

Andrew Jackson
Andrew Jackson
35/159 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 26.79%
Patrik Kauffmann
Patrik Kauffmann
6/462 in Bonds - Global (Performance over 3 years) Average Total Return: 16.10%
Jim Leaviss
Jim Leaviss
5/462 in Bonds - Global (Performance over 3 years) Average Total Return: 17.00%
Robert Vanden Assem
Robert Vanden Assem
50/462 in Bonds - Global (Performance over 3 years) Average Total Return: 7.53%
John Yovanovic
John Yovanovic
51/462 in Bonds - Global (Performance over 3 years) Average Total Return: 7.53%
Andrew Jackson
Andrew Jackson
36/462 in Bonds - Global (Performance over 3 years) Average Total Return: 8.98%
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