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10 of the best: the globe's leading names from Citywire 1,000
by James Poulter on Dec 12, 2012 at 13:14
Citywire analysed its exclusive global database of fund manager performance to identify the top 1,000 names on a risk-adjusted return basis. Here are 10 individuals who shone and have UK distribution, looking at numbers across their funds over three years.
10. PAUL MARRIAGE
Marriage adopts an entirely bottom up approach to investing and targets outperformance of the FTSE UK Small Cap ex Inv Trusts index by 3% net of fees on an annualised basis. Although it has no formal tracking risk policy, this tends to sit around a tracking error of 5%-7%. A highly consistent performer, the fund is top quartile over one, three and five years.
9. CHRIS BOWIE
The fund predominantly invests in UK corporate bonds, but can hold gilts and up to 15% in overseas issuance. Bowie, who is head of credit at Ignis, has been reducing his exposure to financials where he has benefited from banks tendering for debt at a premium to the market and has also profited from modest exposure to peripheral European credits such as Telefónica and Telecom Italia.
8. RICK PATEL
Based in the group’s London office, Patel has the flexibility to invest across sovereign, corporate and other debt instruments with returns predominantly driven by a combination of asset allocation, yield curve positioning and both sector and security allocation. The Luxembourg-domiciled fund has close to $1 billion in assets under management.
7. STEPHEN THARIYAN
Head of credit Thariyan joined Henderson from Rogge Global Partners in 2007 and has built a strong reputation running various fixed income mandates. Working closely with Chris Bullock, Thariyan has the ultimate responsibility for allocating capital and his approach focuses on building broad diversification into portfolios and taking a very active approach to security selection.
6. RIKKE SECHER
Industry veteran Secher has the ability to hold both corporate and government bonds but has been structurally underweight sovereign debt since 2008. Key bets include Scandinavian banks and countries with stronger balance sheets, including Finland and Germany. At the margins, Secher has also been holding some Eastern European corporates and Russian sovereign debt.
5. PAUL MCNAMARA
McNamara is an investment director in GAM’s emerging markets team but appears in Citywire 1,000 for his performance on funds he runs for Swiss & Global Asset Management. Holding a range of local currency paper, the fund aims to reduce volatility by keeping individual holdings small and liquid.
4. RICHARD HUGHES
Income investing is in vogue and Hughes’ mandate of targeting a yield 50% higher than the FTSE All Share is appealing to yield hungry savers. The fund’s equity portfolio has a distinct UK large and mid cap bias, with Hughes currently holding around 20% of the fund in fixed income. He aims to find stocks with strong global franchises, good cash flow and attractive dividend growth potential.
3. SEBASTIAN LYON
Lyon is one of the country’s best known multi-asset investors, with the success of the fund growing it to over £2 billion in size and prompting the launch of a Dublin-domiciled version, Trojan International. Managed with a highly flexible mandate, the fund holds a broad and geographically diversified mix of equities, bonds, commodities and cash instruments.
2. CHRIS BULLOCK
Bullock co-manages the fund with Stephen Thariyan and it is run with an absolute return approach, predominantly holding euro-denominated investment grade corporate debt. The Luxembourg-domiciled portfolio also has the ability to hold a range of debt instruments including credit default swaps, interest rate futures and foreign exchange contracts.
1. TOM MUSMANNO
The Luxembourg-domiciled fund has a mandate of investing at least 70% in US dollar denominated bonds and retaining over 80% in investment grade debt. It does have the freedom to invest in mortgage-backed securities, but in keeping with its low risk brief, has a maximum average duration of not more than three years. Over three years to the end of June, the fund has returned 16.3%.