Global macro’s most consistent

Alternative Ucits funds follow hedge fund-like strategies, such as long/short investing, but are compliant with Ucits regulations.

As they are fundamentally different from long-only mutual funds, Citywire rates managers running Alternative Ucits funds based on three main criteria which the managers are required to pass before being rated, and must have a minimum of 36 months performance in a sector

  • Ability to beat cash +2% over 3 years (cash is represented by Libor/Euribor 3months)
  • Controlled losses (maximum drawdown can’t be 50% higher than peer group average)
  • Generate strong risk adjusted performance over 3 years

In this gallery Citywire investment research turns its attention to those managers active in the Alternative Ucits – Global Macro sector who have consistently held a Citywire rating based on the methodology above. In each case the manager’s longest running euro share class of the fund is used for analysis.

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François Rimeu, La Française AM

François Rimeu of La Française Asset Management has been consistently rated for the past eight months for his performance on the La Française Allocation I fund. He has managed this fund since December 2010 and has the ability to invest in equities, fixed income or money market instruments.

At the end of September, RImeu had net long positions in European equities (9.69%) and emerging bonds (39.6%). This is while having net short positions in European bonds (-22.2%) and North American bonds (-32%).

In terms of currencies his highest net long exposure was to the Turkish lira at 5.75%. On the flipside Rimeu was net short the US dollar at -6.38%. Over the past three years to the end of August, Rimeu returned 7.56% in euro terms in the Alternative Ucits – Global Macro sector, while the average manager returned 1.93%.

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Eric Lonergan, M&G Investments

M&G’s Eric Lonergan has received a Citywire Alternative Ucits rating consistently for the past eight months and is currently A-rated. Overall, Lonergan has held a rating for a total of 16 months. He currently manages the M&G Episode Macro EUR T-H Net Acc (Hgd) fund with David Fishwick.

Lonergan first started to manage funds with an Alternative Ucits framework in December 2010 and has returned 15.94% in the Alternative Ucits – Global Macro sector over the past three years to the end of August. In comparison the average manager returned 1.93% in euro terms.

Lonergan and Fishwick follow a highly flexible investment approach allowing them to invest in different asset classes. Alongside research to determine the value of assets they also adopt analysis of investors’ emotional reaction to events to identify investment opportunities.

At the end of August they had a net long position in equities (49%) and a net short exposure to government bonds (-60%). In terms of currency exposure they had a net position of 97% on the US dollar.

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David Fishwick, M&G Investments

M&G’s David Fishwick has received a Citywire Alternative Ucits rating for a total of 28 months. He currently co-manages the M&G Episode Macro EUR T-H Net Acc (Hgd) fund with Eric Lonergan.

Fishwick has a longer ratings track record compared to Lonergan due to the latter being named a manager on the fund at a later date. He was previously not included in the ratings analysis.

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Lucio Soso, Bellevue AM

Lucio Soso of Bellevue has held a Citywire Alternative Ucits rating for an impressive 34 months. He had slight break in his ratings track record in April 2015, however, since June 2015 he has consistently held a rating month-on-month for 29 consecutive months and is currently AA rated.

Soso manages the Bellevue F (Lux) BB Global Macro B EUR fund and has done so since March 2010. Over the past three years to the end of August, Soso returned 13.94% in euro terms, while the average manager in the Alternatie Ucits – Global Macro sector returned 1.93%.

Soso enters into buy and sell positions in various asset classes, depending on the market, which includes fixed and variable interest-bearing securities with all types of credit ratings, terms and currencies, international equities, convertible and warrant-linked bonds, among others. At the end of August, Soso had around 58% invested in the US and 30% on Europe (excluding the eurozone) and 9.9% invested in the eurozone itself.

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