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The five most improved global bond managers revealed

The five most improved global bond managers revealed

The global bond market is a minefield for asset allocators, with low yields and limited outlets for those unwilling to raise their risk budgets. 

But which managers from the 684-strong global bond sector have recovered from a tough 2015/16 period to post positive performance and lift themselves up the rankings?

Let’s find out who is on the comeback trail and how they achieved it.

Urs Ramseier, Bank Safra Sarasin

Fund: JSS Insurance Bond Fund P USD-dis

  • Ranking period one (May 2015-May 2016): 587/622
  • Ranking period two (May 2016-May 2017): 10/684

Posting the fourth strongest improvement in performance is Bank Safra Sarasin’s Urs Ramseier. He has overseen the Swiss group’s Luxembourg-domiciled insurance bond fund since its launch in September 2011 and recovered from a tough period in 2015/16 to sit in the top 10 of the sector.

On a one-year basis, Ramseier returned 14.57% in euro terms, which was against an average manager return of 3.58% in the global bonds sector over the same period. In the $52.8 million fund, Ramseier focuses on the UK market (27.1% of exposure), largely targeting BBB- rated bonds (30.5%).

Tracy Chen, Legg Mason Brandywine

Fund: Legg Mason Brandywine Global Cr Opps LM Acc USD

  • Ranking period one (May 2015-May 2016): 600/622
  • Ranking period two (May 2016-May 2017): 19/684

Taking third spot is Legg Mason Brandywine’s Tracy Chen, who is spotlighted for her performance on the Legg Mason Brandywine Global Credit Opportunities fund, which she co-runs with Regina Borromeo, Gary Herbert and Brian Kloss. Chen is singled out as this is her only fund in this sector.

The quartet has co-run the fund since its launch in June 2014 and experienced a solid turnaround in performance in 2016/17, having returned 13.17% on a one-year basis. The fund focuses largely on mortgage-backed securities, which account for 50.6% of exposure at present.

Oliver Gasser, Credit Suisse

Funds: CS (Lux) Focused Bond Fund EB USD/CS (Lux) Global Value Bond Fund EB USD

  • Ranking period one (May 2015-May 2016): 613/622
  • Ranking period two (May 2016-May 2017): 11/684

The only manager in this countdown achieving improved performance across two global bond strategies is Credit Suisse’s Oliver Gasser. Gasser sits just behind Ramseier in the ranking on a one-year basis, having sat within the bottom 10 performers for the previous 12 months.

The largest and longest-running of his funds is the CS (Lux) Global Value Bond fund, which he co-runs with Romeo Sakac. Sakac isn’t noted here as he was only added in April of this year. On this $350 million fund, Gasser and Sakac have one-third allocated to AAA-rated debt, while shorter-term paper, notably one- to three-year maturities, make up over 40% of investments.

Issenhuth & Martgetyal, Tailor Capital

Fund: Tailor High Yield Opportunities C

  • Ranking period one (May 2015-May 2016): 620/622
  • Ranking period two (May 2016-May 2017): 7/684

French duo Christophe Issenhuth and Didier Margetyal of Parisian boutique Tailor Capital boast the biggest leap in terms of ranking position on a one-year basis. The duo’s high yield-focused global bond portfolio sat in the bottom three one year ago and is the seventh best performer in the most recent analysis.

The duo, who have co-run the France-domiciled fund November 2011, returned 14.97% on a one-year basis, which lifts them from their lowly 2015/16 ranking. The €93 million fund has a strong emphasis on floating-rate debt in France will rallied strongly against the backdrop of the French presidential election.

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Related Fund Managers

Didier Margetyal
Didier Margetyal
6/70 in Bonds - Global Corporates (Performance over 3 years) Average Total Return: 13.48%
Christophe Issenhuth
Christophe Issenhuth
7/70 in Bonds - Global Corporates (Performance over 3 years) Average Total Return: 13.48%
Oliver Gasser
Oliver Gasser
62/474 in Bonds - Global (Performance over 3 years) Average Total Return: 6.95%
Brian Kloss
Brian Kloss
27/474 in Bonds - Global (Performance over 3 years) Average Total Return: 10.35%
Gary Herbert
Gary Herbert
28/474 in Bonds - Global (Performance over 3 years) Average Total Return: 10.35%
Regina Borromeo
Regina Borromeo
26/474 in Bonds - Global (Performance over 3 years) Average Total Return: 10.35%
Tracy Chen
Tracy Chen
19/682 in Bonds - Global (Performance over 1 year) Average Total Return: 13.17%
Urs Ramseier
Urs Ramseier
32/474 in Bonds - Global (Performance over 3 years) Average Total Return: 9.99%
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