Where are they now? Tracking down global equity’s consistency stars
by Chris Sloley on Aug 21, 2012 at 09:58
They were global equity’s endurance elite between 2005 and 2010. Here Citywire Global returns to see how these managers have performed two and a half years on.
Most consistent managers of 2005-2010
In April 2010, Citywire Global took a closer look at the global equity managers who had consistently outperformed their peers over the previous five years.
Re-visiting this list two and a half years on, the landscape has changed and some managers have struggled to recapture their past performance.
To give an idea of the changing dynamics in the global equity sector, when the analysis was carried out in April 2010 there were 410 managers with a five year track record. That figure is now 562.
This updated list excludes the UK-only offerings run by Julian Lewis, Stephen Docherty, Toby Ricketts and Robin Hepworth.
Here we bring you bang up to speed with the top managers from last time out.
Note: Updated performance charts cover the period May 2010 to July 2012 and are mapped against the current Citywire allocated benchmark.
Manager: Stefan Ferstl
- 2005 to 2010 returns: 10.54%
- 2010 to July 2012 returns: -5.06%
First on our refresher list is Stefan Ferstl, who is still running the fund he took over from Michael Hanak in February 2008. The Austrian-domiciled fund invests across the cap range and is based on a momentum strategy.
Hit badly over the summer of 2011, the fund fell below its benchmark and has remained in negative territory since May of last year.
Operating on a fund-of-funds basis, the ARIQON fund currently has its largest weighting towards North American equity funds.
Its two largest positions are comprised of two passive strategies, the AXA Rosenberg Enhanced Index and the Lyxor ETF Dow Jones.
Manager: Thomas Schüssler
- 2005 to 2010 returns: 24.81%
- 2010 to July 2012 returns: 9.85%
Acknowledged last time out for his performance across three portfolios, DWS’ Thomas Schüssler is now at the helm of just one of the funds, the DWS Top Dividend fund. The two Global Value funds were taken on by Peter Steffen in December 2011.
Looking broadly at the performance of the three value-driven strategies, all three remain in positive territory. However, they slightly trail the MSCI Global Value index over this period.
The former Citywire AA-rated manager retains control of the €8.1 billion DWS Top Dividende fund and has over two-thirds of its assets in super large-cap companies, those with a market cap greater than €10 billion, with consumer staples being his top sector allocation.
Speaking to Citywire Global last month, Schüssler said it was now a good time to take a look at cyclical stocks again.
Manager: Richard Power
- 2010 returns: 30.19%
- 2010 to July 2012 returns: -8.58%
SRI specialist Richard Power of Dolmen Securities is another manager to have suffered over the summer of 2011. This period saw his concentrated 30-stock portfolio trail its benchmark by around 20% on average and remains in negative territory at the end of the analysis period.
Investing in a range of socially or environmentally-focused companies, Power has a diverse country allocation with his largest exposure being to companies in North America, central Europe and Japan.
Manager: Hans Peter Portner
- 2005 to 2010 returns: 38.91% (combined with PF(LUX)-Global Megatrend Selection)
- 2010 to July 2012 returns: 25.56%
The first of two entries on this list for Pictet’s Hans Peter Portner is for the performance on the thematic fund, the PF(LUX)-Water fund. This €2.34 billion fund invests across the water supply chain and, as at the end of July 2012, holds 58 positions.
Like all the other funds on this list, the performance of the Pictet-Water fund was hamstrung by the equity market drop last summer. However, the specialist strategy is the only fund on our countdown to have outperformed its benchmark over the analysis period.
Manager: Hans Peter Portner
- 2005 to 2010 returns: 38.91% (combined with PF(LUX)-Water fund)
- 2010 to July 2012 returns: 6.67%
Portner’s second fund on this list ended the analysis period in positive territory but could not better the return of its benchmark, the FTSE World EUR. It was launched in October 2008 in order to capture wider macro trends.
It invests across a wide range of sectors from water, timber, clean energy, security, biotech, digital communications and premium brands.
The global mega trends strategy of the fund was slightly altered in May 2009 following the launch of Pictet’s PF(LUX)-Agriculture fund.
Manager: Vincent Lequertier
- 2005 to 2010 returns: 76.39%
- 2010 to July 2012 returns: 2.23%
Last time’s highest returning of the most consistent managers, Vincent Lequertier is the only manager on the list to have left the firm where they achieved their outperformance.
The former Oddo Asset Management manager joined French boutique Somangest at the start of 2012 and oversees their long/short fund Somabsolut. He had served as lead manager on the Oddo Opportunites fund since October 2002.
The former Euro Stars AA-rated manager revealed to Citywire Global in the summer of last year how he had allocated over 50% of his fund to the technology sector due to the long-term potential in this market.
The fund was taken over by Mirela Agache and Armel Coville following Lequertier’s departure. It has returned 2% in the two-and-a-half year analysis period but over this time its Citywire benchmark, the MSCI World TR, has risen 19.95% in euro terms.
More about this:
Look up the funds
- ARIQON Wachstum T
- DWS Top Dividende
- DWS Global Value
- DWS Invest Global Value A2
- Green Effects - NAI Werte Fonds
- Pictet-Water-P EUR
- Pictet-Global Megatrend Selection-I EUR
- Oddo Opportunites Monde A
- Somabsolut C
Look up the fund managers
- Vincent Lequertier
- Mirella Agache
- Hans Peter Portner
- Arnaud Bisschop
- Philippe Rohner
- Richard Power
- Peter Steffen
- Thomas Schüssler
- Stefan Ferstl