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The most consistent fund of funds managers revealed

Citywire Investment Research finds the multi-managers with the ultimate staying power.

Fighting fit in fund of 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 three years, where cash is represented by Euribor 3months
  • Controlled losses, so maximum drawdown can’t be 50% higher than peer group average
  • Generate strong risk adjusted performance over three years

In this gallery, Citywire Investment Research turns its attention to the managers active in the Alternative Ucits – Fund of Funds sector and focuses on those most consistently rated by Citywire based on this absolute returns methodology.

The sector has had renewed interest from investors over the past year, with the estimated net inflows of €5.97 billion in 2017. This is in contrast to outflows seen in 2016 of €0.58 billion. For this analysis, the managers’ longest running euro share class of the fund is used.

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Alvaro Martin Sauto, Bankia

Alvaro Martín Sauto manages six funds in the Alternative Ucits – Fund of Funds sector. These being the: Bankia Evolucion Decidido; Bankia Evolucion Moderado; Bankia Evolucion Prudente; Bankia Soy Asi Cauto; Bankia Soy Asi Dinamico; and, Bankia Soy Asi Flexible funds.

Sauto has held a Citywire rating for a total of 38 months and is currently A rated. The largest fund managed, in terms of assets under management, is the Bankia Soy Asi Cauto fund, which he has managed since January 2012.

Sauto, who was joined by co-manager César Gil Cano  in June 2015, focuses on fixed income funds, with his largest allocations being to the Deutsche Floating Rate Notes, Candriam Bonds Euro Short Term and AXA WF Euro Credit Short Duration funds, at present.

Over the three years to the end of December 2017, Sauto returned 14.99% across all funds he manages in the sector. This compares to the average managers’ return of 2.31%. In terms of fund flows, the Bankia Soy Asi Cauto took in estimated net inflows of €2.01 billion in 2017.

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Andrew Harmstone/Manfred Hui, Morgan Stanley

Andrew Harmstone and Manfred Hui, co-managers of the Morgan Stanley Global Balanced Risk Control A EUR fund, have consistently held a Citywire absolute returns rating for the past 43 months and are currently AAA rated.

The fund has proven popular with investors in 2017 and took in the most estimated net inflows across all funds active in the Alternative Ucits – Fund of Funds sector, with inflows of €2.39 billion.

Harmstone and Hui invest primarily in equities, fixed income, commodity linked investments and cash. Among their investments are actively-managed mutual funds, including those managed by Morgan Stanley, ETFs and index futures.  

At the end of December they had 58.8% of the fund investment in fixed income and 19.5% in equities.  For the three-year period to the end of December, Harmstone and Hui returned 14.46% against a 2.31% average manager return.

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Romain Lahoste/Emmanuel Régnier

The UBS duo of Romain Lahoste and Emmanuel Régnier currently hold a coveted Citywire AAA rating, which they have held for the past five months. They co-manage the UBS (F) - Flex Croissance (EUR) I Eur and UBS (F) - Flex Patrimoine (EUR) I Eur funds in the Alternative Ucits – Fund of Funds sector.

The largest fund, in terms of assets under management, is the UBS (F) - Flex Patrimoine fund which they have managed since July 2008. They invest mainly in mutual funds and in bonds and other international debt securities. For the three years to the end of December Lahoste and Régnier returned 14.99% in the Alternative Ucits – Fund of Funds sector over all funds they are active on.

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