Citywire’s coverage of fund managers has reached a significant milestone, with 10,000 active managers now being tracked. Between them they run more than 15,000 funds.
This coincides with our most recent country addition, the US, going live.
The largest mutual fund market in the world is therefore now on our radar, marking another major step for our analysis, which remains unique.
Every manager who’s ever been assessed by Citywire has their own unique identifier. A number plate that stays with them and contains everything we’ve ever know about them.
Which funds they currently manage, which they ran in the past and whether they are active now being the most important.
Over 24,000 individuals have been put through the mill since our fund manager rankings and ratings were launched 12 years ago.
At that time only managers running funds domiciled in the UK were taken into account. Since then our universe has grown and grown as new countries have been added. The latest count is that Citywire now follows managers who run funds across 39 countries in more than 180 sectors.
We’re in a world where asset management groups launch funds in new countries and mirror their strategies in multiple jurisdictions. This trend has become more pronounced in recent years, with US-based managers leading the charge as they bring versions of their funds into a Ucits format.
The trouble is these funds will appear here with no track record. However, our analysis helps overcome that hurdle and allows managers to be evaluated based on their complete history in a sector.
So, although there might be boundaries around where funds are registered, that becomes irrelevant as we stitch the elements together to create a complete and meaningful view. And it makes a difference as more than 500 managers we now cover in the US also run a fund available outside the country.
Citywire Discovery, our desktop fund manager analysis system, allows users to analyse and interrogate all this information. Managers can be assessed at a global level or against others for sale in a specific jurisdiction.
Shining a light on the Equity North America sector, below we look at managers who feature highly for their seven-year risk-adjusted performance due to the overlapping track records described above. They also have a version of their fund registered for sale in a Ucits format.
This timeframe is particularly relevant as 2008 has now disappeared from the five-year numbers, and we prefer to look at managers through bull and bear markets.
Passive options have proved the real winner for exposure to US equities due to the dearth of outperforming managers. However, Citywire Discovery provides a deeper level of evaluation, uncovering talent that up until now may have been overlooked.
Around 45% of the managers tracked operate in just 10 sectors:
|Equity – Global Equity||789|
|Equity – North America||610|
|Equity - Europe||588|
|Mixed Assets - Flexible||327|
|Bonds - Euro||321|
|Bonds - Global||320|
|Equity – North American Small & Medium Companies||294|
|Equity – Global Emerging Markets||258|
|Mixed Assets – Aggressive||232|
|Equity – Asia Pacific Excluding Japan||215|
Eyes on performance
Father and son team Donald A Yacktman and Stephen Yacktman have managed the Dublin-domiciled Heptagon Yacktman US Equity fund since it was brought across in 2010. However, the former’s track record in the North America sector goes back 22 years when he founded the firm, while Stephen Yacktman has been co-manager since 2002.
Steven L. Pollack is available to investors through the Robeco US Select Opportunities Equities fund, which was launched in 2011. He is based in Boston and works for Robeco Boston Partners. His approach mirrors the US-domiciled John Hancock Disciplined Value Mid Cap Fund which he has run on a sub-advised basis since 2001.
Tim Hartch and Michael Keller look for a meaningful margin of safety when investing in leading cash-generative businesses. With a focused portfolio of around 30 stocks, they have run the focused BBH Core Select strategy since 2005. It only became available to non-US investors in 2009.