Giles Warren and David Lau
Giles Warren and David Lau from Seilern Investment Management have entered the ratings for the first time with an AA rating. They co-manage the Stryx World Growth fund, investing in high quality companies listed on the world’s leading stock exchanges.
Over the past 30 months the fund has risen 39.7%, well ahead of the MSCI World Hedged index, which rose 24.2% over the same period.
The managers run a concentrated portfolio of around 24 stocks. At the end of May their top holdings were Mastercard (9.8%) and Google (8.0%).
Old Mutual Global Investors’ Amadeo Alentorn enters the ratings for the first time with an AA rating for his three year risk adjusted performance on three funds: Old Mutual Global Equity, Old Mutual North American Equity and Old Mutual Japanese Equity.
Alentorn manages these funds with Ian Heslop, also AA rated this month, and Mike Servent who is not yet eligible for the UK ratings analysis.
The largest of these three funds, the Old Mutual North American Equity fund, has returned 59% over the last three years. In recent months the team has reduced its overweight in financials but increased its overweight in healthcare. At the end of April its top holdings were AT&T and IBM.
Terry Smith gains his first ever rating this month, an AA, for his 30 month risk adjusted performance on the Fundsmith Equity fund. Over this time the fund has returned 55% and has handsomely outperformed the FTSE World index which has returned 33% over the same period. Smith runs a concentrated portfolio of between 20 and 30 stocks.
During May he added medical equipment stocks. His top contributors included Domino’s Pizza, Microsoft and 3M. Detractors included Nestle and Philip Morris.
He has a large holding in consumer staples (around 44% at the end of May). His next largest sector is healthcare (19%).
Vontobel’s Pascal Dudle enters for the first time with an A rating for his 30 month risk adjusted performance on the Vontobel Fund New Power fund. He invests in two main areas, alternative sources of energy and more efficient energy utilisation.
At the end of April his top two holdings were French electrical equipment specialist, Schneider Electric (4.0%), and electronic instruments and electromechanical device manufacturing company Ametek (3.9%). He has over 40% invested in the US and around 9% in Italy.
Steven Andrew, manager of the M&G Episode Income fund enters for the first time with an A rating for his 30 month risk adjusted performance. Over this period he has generated returns of 25.9% on the fund.
Andrew invests in a diverse range of assets and the top holdings within the £140m fund at the end of April were UK 30-year gilts (7.8%) and the M&G Property Portfolio (6.3%).
Cheviot Asset Management’s Alan McIntosh has entered with an A rating for his 34 month risk adjusted performance on the Discovery Balanced fund. The fund aims to have a maximum of 60% exposed to equities and the balanced to fixed interest securities. Over the last 34 months he has generated returns of 37% on the fund. At the end of May within his top holdings were the JPMorgan American investment trust (5.58%) and the M&G Optimal Income fund (4.26%).
Emery Brewer and Dr Ivo Kotachev
Co-managers of the JOHCM Emerging Markets fund, Emery Brewer and Dr Ivo Kovachev have come in with an A rating for their risk adjusted performance on the fund over the last three years. During this time they have posted returns of 19% on the fund.
Top holdings at the beginning of May were the South Korean multinational electronics company Samsung Electronics (3.7%) and the South African based multinational media company Naspers (2.2%). Over the course of the month their stock picks within Taiwan and China did particularly well, as did their picks within the technology sector.
Their top performing stock was Hong Kong-based Skyworth Digital, a play on digitalisation and growth in Chinese rural television markets especially within high end 3D, LED and large screen TVs.
Standard Life Investment's William Malcolm has entered for the first time for his 32 month risk adjusted performance on the Standard Life Investments Asian Pacific Growth fund and gains an A rating. He invests predominantly in shares of companies that are listed on stock markets in the Pacific Basin and Australasia. Over this 32 month period he has returned 24%, beating the Citywire assigned benchmark, the FTSE AW Asia Pacific ex Japan index, which has returned 16%. At the end of April his main holdings included Samsung Electronics (5.2%) and Westpac Banking (3.5%) and his main country exposures were Australia (31.3%) and Korea (16.0%).
McInroy & Wood’s Francis Seymour has gone up one notch in the ratings this month and gained his first AAA rating. He manages the McInroy & Wood Emerging Markets fund. Over the last three years the fund has risen 46.1%, handsomely outperforming the FTSE AW Emerging index which returned 11.8% over the same period. Over the past year, he took new positions in Thai Beverage and Telekommunikasi, the Indonesian telecoms operator.
He sold out of Grupo Modelo and Amil Participacoes following takeover bids. He has roughly 60 holdings and has recently benefitted from heavy exposure to Indonesia. His stock picks in the Philippines have also done well. His top holding is Universal Robina, one of the largest brand food product companies in the Philippines.
David Gait has gained his first AAA rating this month on the back of improved risk adjusted performance over the last three years. He manages the First State Asia Pacific Sustainability, First State Indian Subcontinent and First State Global Emerging Markets Sustainability funds. The latter is the largest fund he manages and over the last three years has risen 49.7%, far outstripping the S&P/IFCI Composite index’s 15.9%. At the end of May his top holdings were Unilever (6.0%) and Indian consumer goods company Marico (4.9%).