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Threadneedle’s global man sees divi potential in US financials & shale
by Elsa Buchanan on Oct 30, 2013 at 13:23
His largest overweight stock, alternative asset manager Blackstone (2%) has grown assets ‘very rapidly’, doubling them since 2008. This quarter alone it saw 7% quarter-on-quarter asset growth, and 20% on an annualised basis.
Crown points to the manager’s £77 million equity stake acquisition in London's Broadgate offices in 2009, which it recently sold to TEMASEK for £600 million equity.
‘There is a big upside to expectations and conviction for Blackstone [and] performance fee is set to grow strongly.’
Over one year, the fund has slightly outperformed the FTSE World, delivering 20.23% against 19.04%, but it has returned 40.22% against the benchmark’s 34.47% over three years.
While the US’s improving housing and labour and markets support growth, which he anticipates will be 2.5% in 2014 (lower than consensus’ 2,7%), Crown feels US valuations are getting stretched.
Looking forward, this would mean a shift from the US to Europe and its ‘good margins’, and a ‘revisit’ to Asia although he is still concerned.
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