Citywire for Financial Professionals
Share this page:
Stay connected:

 

Citywire printed articles sponsored by:


View the rest of this gallery online at http://citywire.co.uk/money/gallery/a1078992

Christmas crackers: 10 managers on the up this month

Our regular roundup of the Citywire ratings takes a look at fund managers on the rise this festive season.

by Daniel Grote on Dec 19, 2017 at 17:18

David Walton

No other manager comes close to David Walton’srecord of investing in Europe over the last three years.

The Marlborough European Multi-Cap manager has more than doubled investors’ money over the 36 months to the end of November, earning him an AAA rating, up from AA last month.

His 102.3% return over that period is well ahead of that of the next best performer in the sector, Man GLG Continental European Growth, up 79.7%.

The £331.3 million fund has triumphed in a sector that includes some big hitters, like Alexander Darwall’s £4.9 billion Jupiter European fund, up 57.9% over the period, and John Bennett’s £2.4 billion Henderson European Selected Opportunities, up 34.2%.

Walton has been helped by his bias towards small cap stocks, which have continued to outperform European blue-chips this year. While his fund can invest in all sizes of company, less than 9% of the portfolio is held in large or ‘mega’ companies.

Jane Andrews

Jane Andrews has moved up to an AAA rating as the Asian equities specialist’s small funds continue to beat the record of much larger rivals.

Andrews runs the £13.4 million Smith & Williamson Oriental Growth and £40.6 million Smith & Williamson Far Eastern Income & Growth fund, with the latter differentiated by including Japanese companies in its portfolio.

There’s only a smidgen of performance difference between the two, with returns of 76.4% and 71.4% respectively over the three years to the end of November, with both placed third in their respective sectors.

Andrews has been buoyed by the strong performance of Indian stocks this year, with the country the largest geographical overweight in both her funds.

Michael Lindsell

Michael Lindsell has joined Nick Train, fellow co-founder of the Lindsell Train fund group, on a triple-A rating this month, as his Lindsell Train Japanese Equity fund continues its remarkable run.

The £180.2 million fund is dwarfed by the giant £3.6 billion Lindsell Train Global Equity fund he runs with Train. But there’s nothing small about the returns he has delivered, with the fund up 105.8% over the last three years.

What’s most remarkable about that record is the relative consistency with which those returns have delivered. The largest peak-to-trough loss suffered by investors over that period is 8.2%, the sixth smallest of any of the 116 funds in Citywire’s Equity – Japan sector.

By contrast, the most volatile fund in the sector, Neptune Japan Opportunities, lost investors a third of their money from peak to trough.

As with all Lindsell Train funds, consumer staples companies are a key feature. In his latest update to investors, Lindsell Train was enthusiastic about two of his best performers in November, health care companies Mandom and Mibon.

‘We have always been keen on hair care companies especially in Japan where people – male and female – are generally fastidious about their appearance,’ he said.

‘It helps also that Japanese hair is uniform in colour. Individualism, if it’s wanted or desired, has to be induced through artificial means with products and services sold or promoted by hair care companies.’

Kim Catechis

Kim Catechis’ heavy backing of Chinese internet stocks has propelled him up the Citywire ratings, after a strong run for his Legg Mason IF Martin Currie Emerging Markets fund.

Catechis won his first Citywire rating for three-and-a-half years in April, with a + rating. After a steady climb he now enjoys Citywire AAA status, after another strong year for his fund.

After three years of losses, the fund returned just over 33% last year, and looks set to repeat the trick in 2017. Top 10 positions in Chinese internet company Tencent and e-commerce website Alibaba, which have both broadly doubled over the last year, have provided a boost.

Tony Yarrow

Hugh Yarrow is one of the emerging stars of UK fund management, having amassed £1.8 billion in his Evenlode Income fund following performance that has placed him in the top echelons of the UK Equity Income sector.

And it appears he’s a chip off the old block. Hugh’s father Tony has joined him on a Citywire AA rating this month for his strong performance at the helm of multi-asset funds at Wise Group, the investment firm he founded.

The Wise Multi-Asset Growth and Income funds may be relative minnows compared to Evenlode Income, but they have delivered equally impressive three-year returns of 44% and 43% respectively that place them fifth and 10th of the 200 funds in Citywire’s Mixed Assets – Aggressive sector.

That’s despite a subdued second half of the year for the Income fund, given Yarrow’s increasing focus on UK domestic stocks, which have continued to be overlooked by the market amid Brexit fears.

Paul Mumford

Paul Mumford was among the top 10 managers in the first 10 years of Citywire ratings, and he’s back rising up the rankings again, claiming a double-A this month.

His Cavendish AIM fund has delivered 83.8% over the last three years, while his Cavendish Opportunities fund is up 42.9% over the same period.

The AIM fund’s strong gains have been powered in part by top holding IQE (IQE), up by more than 300% over the last 12 months as the company, which makes semiconductor wafers used in optics and power amplifiers, saw its technology picked up by Apple for its new iPhone X model.

Keywords Studios, the fund’s second largest holding, has also been a stellar performer, up by more than 900% over the last three years as revenues at the computer games services supplier have ballooned.

Alex Savvides

Alex Savvides is climbing back up the rankings again, as his JOHCM UK Dynamic fund notches up another solid year of performance.

Savvides is up to a Citywire AA rating this month, just shy of the top AAA rating he enjoyed for 29 consecutive months from June 2013.

That follows two years of market beating returns, helping the fund recover from a lacklustre 2015 when Savvides’ mining stocks, particularly a large holding in Anglo American, were hit hard by the commodities crunch.

Savvides, like his counterparts Clive Beagles and James Lowen, managers of the JOHCM UK Equity Income fund, has long been a critic of ‘bond proxies’ like tobacco companies, judging them overpriced. His largest underweight is to consumer staples, while cyclical industrials companies are among his biggest overweights.

Ben Rogoff

Ben Rogoff has earned a Citywire AA rating this month thanks to his stellar returns on the Polar Capital Global Technology fund he manages with Nick Evans, Fatima Iu and Xuesong Zhao, who join him on a double-A rating.

Most technology funds have enjoyed strong returns over the last three months, but Rogoff’s fund just pips rivals to the top spot, having doubled investors’ money over that period.

But the manager doesn’t believe technology stocks are in a bubble. Writing in an update for investors in his Polar Capital Technology (PCT) investment trust, he said elevated valuations for the sector look ‘entirely justified given the relative growth profile of a sector that in the third quarter delivered a remarkable 19.7% year-on-year earnings growth’.

‘Many commentators instead remain focused on the downside risks associated with our sector while others believe technology stocks are in the midst of another bubble,’ he said.

‘Our sense is the 1990s parallel is too easy while over-exuberance appears contained to a few emerging areas (such as cryptocurrencies / blockchain).’

Mark Page and Laurent Millet

Artemis European Opportunities managers Mark Page and Laurent Millet have enjoyed a strong year, with their fund returning 28% in the 12 months to the end of November, placing it in the upper reaches of Citywire’s Equity – Europe excluding UK sector.

The pair have delivered solid returns since launch of the fund just over six years ago, returning 132.4% over that period, well ahead of both the index and the average manager in the sector.

This year, for the first time since launching the fund, they see Europe as being on the front foot. ‘With 27 countries in the European Union (without the UK) there is always going to be some political excitement somewhere,’ said Page in the latest quarterly update to investors.

‘But investors are more relaxed about the political environment, allowing them to focus on the underlying attractions of European companies.’

More about this:

Look up the funds

  • Marlborough European Multi-Cap A Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Smith & Williamson Oriental Growth Fund A
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Smith & Williamson Far Eastern Inc and Grwth B Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Lindsell Train Japanese Equity B GBP Quoted
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Lindsell Train Global Equity B
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Legg Mason IF Martin Currie Emerging Markets A Acc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • TB Wise Multi-Asset Growth B Acc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • TB Wise Multi-Asset Income B Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • TM Cavendish AIM B Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • TM Cavendish Opportunities B Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • JOHCM UK Dynamic A Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Polar Capital Global Technology I GBP
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Artemis European Opportunities I Acc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

More galleries

 See all

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

Sorry, this link is not
quite ready yet