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Who are the new kids on the emerging market block?
by James Phillipps on Dec 28, 2012 at 07:00
Jon Miller, head of research, Citywire on Skagen Kon Tiki
Three-year total return to end October: 26.2%
Three-year sector average: 16.5%
‘Kristoffer Stensrud, who runs Skagen Kon Tiki, is a manager who has long been catching our eye,’ says Miller. ‘Based in Norway, he has been on our radar since mid-2000, when Citywire first started rating fund managers outside the UK.’
‘The fund received UK tax-reporting status in 2010 and has consistently outperformed through a value approach. Stensrud currently thinks a number of consumer staple names have become expensive and he is repositioning his portfolio to tap the emerging consumer through lesser-known companies within industrials and materials.’
George Bromfield, investment director, Brooks Macdonald on UBS Emerging Market Equity Income
One-year total return to end October: 8.1%
One-year sector average: 4.4%
While a firm supporter of the Aberdeen and First State funds, Bromfield says the possibility they may at some point hard-close means his eyes are ‘very much open’ to alternatives. ‘It has been a challenge to find a fund with as strong a track record or of a large enough size to justify addition to our core global emerging markets buylist,’ he adds.
He is looking closely at the emerging market equity income sector and points to the UBS Emerging Market Equity Income fund as one he backs. ‘These equities are researched by the UBS emerging market and Asian team, which manages $20 billion of assets. The team then looks for companies where dividends are viewed as stable and/or likely to increase. The best companies are selected, with a portfolio of 40 to 80 stocks constructed.’
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