Fund Times: 1 - 4 September
SWIP adds high-risk funds; Martin Currie launches hedged share classes for North American funds; Beveridge to replace retiring Kyprianou as global head of AXA Framlington; Jupiter appoints Ben Surtees manager of Asian unit trust; Morningstar qualitative ratings and reports issued this week
Following the launch of SWIP SICAV Emerging Markets in 2007, Scottish Widows Investment Partnership has this week launched three new Lux-based emerging market funds. Divya Mathur, who joined the firm three years ago from Henderson, will run SWIP SICAV Emerging Markets Infrastructure fund alongside his other GEM infrastructure mandates. His aim is to find companies that can capitalise on the rise in infrastructure spending in developing economies. Jeff Casson, manager of SWIP’s Latin America fund will be running SWIP SICAV Latin American. Casson has been at SWIP for four years and has driven his fund to good effect so far. Between taking charge in Oct 06 to the end of Aug 09 he has delivered 17.8% per year annualised – that is 2.6 percentage points ahead of its Morningstar Latin America Equity category. Portfolio manager and head of emerging markets research, Alastair Reynolds, will manage SWIP SICAV Emerging Markets Smaller Companies. Reynolds has run SWIP’s emerging markets smaller companies mandates for the last three years. The three managers will run focused portfolios of 35-45 holdings so investors should be mindful of the concentration risk and the additional volatility in what are inherently risky asset classes. In general, we think most investors are much better served by a broad emerging markets fund than specialised offerings such as these.
Martin Currie launches hedged share classes for North American funds
Martin Currie has released hedged share classes for Martin Currie North American and its more focused counterpart North American Alpha in attempt to address investor worries on currency fluctuations. These will be hedged back into sterling in order to shield investors against any dollar weakening; the US dollar is down 15% against the pound from its peak in January 2009. Both funds have been rated Superior by Morningstar and you can read the qualitative ratings reports here and here.
Beveridge to replace retiring Kyprianou as global head of AXA Framlington
Mark Beveridge was this week named as Robert Kyprianou’s replacement as global head of AXA Framlington; AXA Investment Managers’ qualitative equity franchise – AXA Rosenberg is home to its quant-managed funds. This marks AXA’s effort to fuse its Paris and London teams to increase their collaboration and build a stronger presence on the European equities front. Beveridge boasts a long tenure in the industry with 19 years at Franklin Templeton and he recently held a global equity CIO role at Goldman Sachs. You can view AXA funds available in the UK and rated by our analysts here.
Jupiter appoints Ben Surtees manager of Asian unit trust
Jupiter has appointed Ben Surtees to replace Philip Ehrmann on board the Jupiter Asian unit trust, as Ehrmann has stepped down to focus on Jupiter China. Surtees has been on Jupiter’s Asian desk since 2000 and runs the Asia ex Japan portion of Jupiter Global Managed. He has also managed Jupiter Asia Pacific since 2005 and amassed a solid record on that offering; over the last three years he has delivered 14.5% on average each year and resided in the top decile of the Morningstar Asia Pacific ex Japan Equity category. This is encouraging as Jupiter Asian has had a middling record over the long-run and Surtees’s experience in the region should benefit the fund so handing the fund over to him makes sense.
Morningstar qualitative ratings and reports issued this week
Morningstar issued new qualitative ratings and reports on a number of funds available to UK investors this week, including Artemis Capital. Click here to see the full list.
