France is on the edge of a shallow recession after the country’s national statistics organisation INSEE announced a projection of zero growth for its economy in the second quarter of this year.
Although it is not faring as bad as its eurozone counterparts, the troubles faced by the region’s second largest economy have hindered hopes for a steady recovery this year.
Ten managers have made their debut in the French market in August. The highest entrant is William Higgons, a French small and mid cap specialist at Evalfi.
He is the lead manager on the Independance et Expansion Small Cap Actions fund which has returned 30.62% in euro terms over the past three years.
He has been managing this fund since 1992 and his performance has seen him rewarded with an A rating.
Turning to Latin American equities, Florian Tanzer of DWS Investments entered on his debut with an A rating. Despite Brazil’s economic growth slowing down in the second quarter of 2012, Tanzer has managed to pick out the companies with strong growth potential in this region.
The pair has managed the 1741 (Lux) Global Diversification BS EUR fund since its launch in November 2009. The mixed asset portfolio has returned 22.1% in euro terms since its inception.
Elsewhere in the ratings, the performance of fixed income manager Iain Stealey at JP Morgan has seen him a awarded a coveted AAA rating. This was achieved across several mandates in various bond sectors. These include:
- JPM Euro Aggregate Bond A Acc EUR (Bond EUR);
- JPM Euro Short Duration Bond A Acc EUR (Bond EUR Short Term);
- JPM Europe Bond C Acc EUR (Bond Europe);
- JPM Europe Aggregate Plus Bd C Acc EUR (Bond Europe);
- JPM Net C (Bond EuroZone);
- JPM Global Aggregate Bd A Inc USD (Bond Global);
- JPM Aggregate Bond A Acc EUR Hdg (Bond Global).
They are AAA rated for the first time due to their strong risk-adjusted performance on the JF India X Acc USD fund. Over the past three years, it has posted returns of 10.56% against a 3.89% rise of its Citywire benchmark, MSCI India 10/40 TR.
Among the returning managers, John Bennett, director of European equities at Henderson Global Investors has returned with an A rating in the French market.
The fund groups with the most rated fund managers are JP Morgan and Fidelity, both with 21 rated managers. In third place is Schroders with 15, while just behind is Pictet with 12 rated managers.
In summary, we have awarded 346 ratings to those managers who run funds registered for sale in France, with 50 AAA, 92 AA and 204 A ratings issued in August.
We are now tracking 2,781 managers running 3,980 funds, of which 1,999 have the necessary performance history required to be eligible for a rating.