Citywire Ratings: uncovering the newly-rated names in Iberia
by Matthew Lewin on Feb 05, 2013 at 09:40
Citywire Global showcases the top managers with funds registered for sale in Spain and Portugal.
Despite the region's increasingly gloomy financial outlook, 15 fund managers received their first ever rating in Spain and Portugal. In total 238 managers received a rating this month. Of these, 34 were awarded AAA ratings, 53 AA and 151 A rated.
Highest Overall: Steven Lear, JPM
Among the highest newly-rated managers this month is JP Morgan’s Steven Lear, who has now achieved a Citywire AA rating for his strong, risk-adjusted performance.
His rating is mainly derived from the performance of the JPM US Bond fund, which has been able to consistently outperform the benchmark for the last 36 months. This fund has returned 39.86% over the last three years, compared to a growth of 30.31% from the Barclays US Aggregate Bond benchmark.
Lear mainly invests in the US debt market, with mortgage-backed securities making up over 40% of the sector exposure. Meanwhile, in terms of credit quality, almost 40% of his fund is invested in AAA quality bonds.
Comeback Star: Amit Maugi, Espirito Santo
Amit Maugi has made a welcome return to the Citywire ratings this month after having last been A-rated back in July 2008.
Maugi’s A rating this month has been achieved on the back of a dramatic increase in the success of one of his funds, the Espirito Santo Opportunity Fund, which operates in both Spain and Portugal. He also manages the Espirito Santo Global Enhancement fund.
Since June 2012, this fund has almost tripled the performance of the benchmark, and it appears Maugi has recently decided to invest more of his fund in the money market, increasing the liquidity of the fund, whilst reducing the proportion invested in international equities.
Rising Star: Geoff Hoare, JPM
Geoff Hoare has managed the JPM Japan Strategic Value fund since November 2007 and has been A-rated for the past seven months. This month Hoare has increased his rating to a AA.
The fund has performed above the benchmark for the majority Hoare's tenure and its performance within the last few months has led to him to climb further up the ratings board.
The Tokyo-based manager has focused the fund on transportation equipment and banks, overweighting these sectors compared to his fund's benchmark, the Topix TR.
Fidelity remains the company with the largest number of rated fund managers across both countries this month. It has 15 fund managers now holding a Citywire A rating or more in Spain and/or Portugal. Meanwhile, JP Morgan is second with 11 rated managers and in third place Schroders currently has 9 rated managers.
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Look up the funds
- JPM Japan Strategic Value A Acc JPY
- Espirito Santo Opportunity Fund
- Espirito Santo Global Enhancement
- JPM Global Strategic Bond A Acc EUR Hdg
- JPM US Bond A Acc USD