Comeback Star: Richard Ford, Morgan Stanley
Rating: + rated in Bonds - Euro Corporates
The comeback star for this month is Citywire + rated Richard Ford, who was last rated in May 2016. His performance in the sector is drawn from the Morgan Stanley Euro Corporate Bond A EUR fund, which he co-runs with Leon Grenyer.
Over the last five years, Ford, who is acknowledged separately from Grenyer due to running different funds active in the sector, returned 25.4%, while the average manager in the Bonds - Euro Corporates sector returned 21.2% in euro terms. The Morgan Stanley Euro Corporate Bond A EUR fund has consistently beaten its benchmark over time periods of 1, 3, 5 and 10 years.
The largest sector allocation is financials, which is overweight against the benchmark and makes up almost half of the allocations. Two notable companies in the top 10 holdings are US multinational giant Citigroup and Dutch insurance group Asr Nederland NV. In their latest report, S&P Global Ratings labelled the latter as ‘strong’ in terms of ‘Business Risk Profile’ and ‘Financial Risk Profile’.