Tech turnaround stars: the most improved managers revealed
by Chris Sloley on Feb 14, 2013 at 14:34
While a deal for Dell is on the cards and anger is vented at Apple, Citywire Global runs down which tech managers are rising up the rankings.
- Ranking 31 December 2009 to 30 June 2011: 43/60
- Ranking 31 July 2011 to 31 January 2013: 19/64
Kicking off the turnaround stars list with an improvement of 24 places between the two periods of analysis is Eurizon’s Daniela Corsini, who took over the Italian company’s €4 million technology-focused fund from Emiliano Laruccia in September 2010.
She currently has a strong bias to companies listed in the United States, which make up over 80% of her portfolio’s geographic exposure. On a sector-by-sector basis, Corsini favours software (21%) and also the IT services industry (19.5%).
Corsini, despite her improvement in the second analysis period, continues to lag the average manager over the longer term.
Note: Data is calculated on comparing the performance in absolute terms between two set 18 month periods. In this instance it is the 18 months from December 2009 to the end of June 2011 and July 2011 to the end of January 2013.
- Ranking 31 December 2009 to 30 June 2011: 45/60
- Ranking 31 July 2011 to 31 January 2013: 12/64
Dr Gerold Kühne and Dr Mauro Pedrazzini, co-managers on the LLB Aktien High Tech fund, are one of two team-based approaches in this analysis. The duo have overseen the Liechtenstein-domiciled fund since Kühne joined as co-manager in January 2005.
The managers target market leaders and have a strong focus on recognised brands, with Apple, IBM, AT&T, Microsoft and Google making up the top five positions in the portfolio at present. The selection process is driven by quant screening combined with fundamental analysis.
- Ranking 31 December 2009 to 30 June 2011: 40/60
- Ranking 31 July 2011 to 31 January 2013: 7/64
Boasting a 33 jump up the rankings ladder is the Swedbank Euro Stars A-rated trio of Peter Lingen, Jonas Victorsson and Anders Ramsten. Lingen and Ramsten have co-run the Swedbank Robur Technology fund since 2000, with Victorsson coming on board in March 2007.
Much like their peers, the Swedbank trio focus their attentions on the US market with some smaller bets in Asia ex Japan (8%) and Europe excluding Sweden (7%).
Within their sector exposure, the bulk of the fund is centred on technology, while related financial and consumer technology stocks comprise nearly 9% of the fund.
Fund: UniSector: HighTech A
- Ranking 31 December 2009 to 30 June 2011: 47/60
- Ranking 31 July 2011 to 31 January 2013: 6/64
The second most improved tech specialist in this analysis is Universal Investment’s Gunther Kramert, who has risen 41 places in the rankings between the two analysis periods.
Kramert, who inherited the fund from André Köttner in February 2007, has a strong allocation to Apple (8.4%), as well as big bets on other tech mainstays such as Microsoft (7.1%) and Google (6.8%).
Away from the US market, which dominates the fund’s geographic exposure, Kramert also has 9% of the portfolio invested in Swiss technology companies.
Fund: Ecureuil Technologies D
- Ranking 31 December 2009 to 30 June 2011: 52/60
- Ranking 31 July 2011 to 31 January 2013: 2/64
Topping the pile in this tech turnaround analysis is Natixis Asset Management’s Frédéric Harriague, who runs the France-domiciled Ecureuil Technologies fund. Harriague has been lead manager on the fund since September 2005.
Unlike many in this analysis, Harriague invests a large proportion of his fund in ancillary industries related to technology away from IT services and software.
For example, in the fund’s sector breakdown, there are allocations to consumer discretionary, health care, industrial and financials.
More about this:
Look up the funds
- Ecureuil Technologies D
- Raiffeisen-Technologie-Aktien R T
- UniSector: HighTech A
- Swedbank Robur Technology
- LLB Aktien High Tech (CHF)
- Fidelity Funds - Global Technology A-EUR
- Eurizon EasyFund Equity High Tech LTE I
Look up the fund managers
- Frédéric Harriague
- Bernd Kiegler
- Gunther Kramert
- Peter Lingen
- Jonas Victorsson
- Anders Ramsten
- Dr.Gerold Kühne
- Dr.Mauro Pedrazzini
- Dmitry Solomakhin
- Daniela Corsini