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The bond managers attracting the most money in 2016

Citywire Investment Research counts down the quartet of managers who led investor interest over the past year.

Overview

In the Global (ex US) peer group, the bond sectors taking in the most estimated net flows over the past year are Emerging Markets Global Hard Currency, which accrued €8.55 billion across all funds, which was just ahead of Global Corporates, which took in estimated net flows of €8.5 billion.

Conversely, investors were moving out of US Dollar High Yield bonds, which saw estimated net outflows of €6.1 billion for the year, which marked the biggest loss from a single sector in this asset class.

But which managers were at the top of asset allocators’ agendas? In this gallery, Citywire Investment Research runs the rule over the managers who have gained the most flows in bonds over the past year.

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3. Luigi Fallanca, Eurizon Capital

In third position is Luigi Fallanca of Eurizon Capital, who runs the Eurizon EasyFund Treasury fund which took in net inflows of €4.03 billion over the past year. His fund lies in the Eurozone Short Term sector and, over the past year, he lost 0.09% in euro terms, while the average manager in the sector lost 0.27%.

Fallanca has managed the fund since its launch in March 2015 and invests in euro-denominated investment grade debt and all investments that are made in securities other than euro are hedged. The fund is currently available for sale in France, Italy and Luxembourg.

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2. Keith Ney, Carmignac

In second position is Citywire AA-rated Keith Ney, who runs the Carmignac Securite fund. He has attracted net inflows of €4.9 billion into his fund over the past year. He has managed this fund since January 2013 and invests in euro-denominated bonds and other debt securities.

Over the past year, Ney has gradually reduced the modified duration of his portfolio from 3.5 years in February 2016, to a slightly negative duration of -0.4 years. He now has large short positions on German and French debt, while having long positions on credit markets.

At the end of December his top allocations were in fixed rate corporate bonds and fixed rate government bonds. Over the past year, Ney returned 2% in the Eurozone Short Term sector, in euro terms, while the average manager has returned 0.7% over the same time period.

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1. Daniel Ivascyn and Alfred T. Murata, Pimco

In first position are Pimco duo Daniel Ivascyn and Alfred Murata, who co-manage the PIMCO GIS Income fund, which has attracted net inflows of €6.9 billion over the past year. The fund lies in Citywire’s Bonds Global sector and positive performance in December was driven by the higher yielding portion of their portfolio.

The primary drivers were holdings of securitised credit, such as non-agency MBS, and high yield corporate credit. However, the main detractors to performance was their high quality exposures in the US and Australia, and also their exposure to local emerging market duration, primarily in Mexico.

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Related Fund Managers

Luigi Fallanca
Luigi Fallanca
10/25 in Bonds - EuroZone Short Term (Performance over 1 year) Average Total Return: -0.15%
Daniel Ivascyn
Daniel Ivascyn
39/464 in Bonds - Global (Performance over 3 years) Average Total Return: 8.73%
Alfred T. Murata
Alfred T. Murata
40/464 in Bonds - Global (Performance over 3 years) Average Total Return: 8.73%
Keith Ney
Keith Ney
17/124 in Bonds - Euro Short Term (Performance over 3 years) Average Total Return: 4.23%
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