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Drop zone: the biggest fallers in Euro Stars revealed

From the ratings zenith Citywire Global charts the Euro Stars AAA-rated managers who slipped out of our ratings entirely in December.

Markus Brück, Metzler AM

Sector: Emerging market equities

Fund: Metzler Eastern Europe Class A

Missing out on a fifth successive appearance is Metzler Asset Management’s Martin Brück. The emerging markets expert had been Euro Stars AAA-rated in three of the four previous editions of our ratings.

Brück was the best performing emerging markets equity manager on a risk-adjusted basis in the December 2010, June 2011 and June 2012 publications.

However, Brück’s outperformance has slowed as of late and he was the subject of the Performance Clinic feature in the December-January issue of Citywire Global magazine.

The Metzler Eastern Europe fund has returned 6.46% on a three year basis. This is while its Citywire benchmark, the Nomura Central & East European index, rose 0.07% over the same period.

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Yerlan Syzdykov, Pioneer

Sector: Other Bonds

Fund: Pioneer Obbligazionario Paesi Emergenti a dist A/Pioneer Funds Emerging Markets Bond I No Dis USD

After making his debut in June 2012 Pioneer’s Yerlan Syzdykov is no longer a Euro Stars AAA-rated manager. This is despite being named as the seventh most popular fund manager on Citywire Global in the six months to the end of June 2012.

It has been a busy year for Syzdykov, who started 2012 by championing opportunities in Argentinian debt but revealed in December that he had been badly impacted by unorthodox political decisions in the country.

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Adam Borneleit, BlueBay AM

Sector: Other Bonds

Funds: BlueBay Emerging Market Corporate Bond USD I Acc/BlueBay Emerging Market Bond Base I USD

Another manager exiting both from the Euro Stars ratings and the Other Bonds sector is BlueBay’s emerging market debt specialist Adam Borneleit. In addition, this marks Borneleit’s only appearance in the Euro Stars ratings to date.

Borneleit, who joined BlueBay from bond powerhouse PIMCO in June 2008, had co-run two separate emerging market debt funds during a difficult year globally, with both funds narrowly trailing their respective Citywire benchmarks on a three-year basis.

He co-runs the BlueBay Emerging Market Corporate Bond fund with Polina Kurdyavko and the BlueBay Emerging Market Bond Base fund with David Dowsett. Both managers also lost their ratings in the most recent round-up, relinquishing their respective Euro Star A-ratings.

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Gregorio Saichin, Pioneer

Sector: Other Bonds

Funds: Pioneer Obbligazionario Paesi Emergenti a dist A/Pioneer Funds EM Bond Local Currency A Dis Ann USD/Pioneer Funds Emerging Markets Bond I No Dis USD/Pioneer Funds Euro High Yield E No Dis EUR/Pioneer Funds Euro Strategic Bond I No Dis EUR

the exit of Pioneer’s emerging markets specialist Greg Saichin brings to an end a run of three successive appearances in our Euro Stars ratings. This marks a double blow for Pioneer with Saichin’s aforementioned co-manager Yerlan Syzdykov also losing his Euro Stars AAA-rating.

In Saichin’s case, the demands of running five separate emerging market mandates appears to have weighed on his risk-adjusted returns over the most recent analysis period. Added to that, Saichin oversaw the launch of two more EM funds in September.

The Buenos Aires-born manager joined Pioneer Investments in 2000 and is currently the head of emerging markets and high yield fixed income funds.

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Thomas Kristiansson, SEB AM

Sector: Other Bonds

Funds: SEB Corporate Bond EUR C (EUR)/SEB Corporate Bond SEK C (SEK)

The fifth of the six fund managers to shed their Euro Stars AAA-rating – and the seventh of which comes from the world of fixed income – is SEB Asset Management’s corporate debt specialist Thomas Kristiansson.

He is another manager to have appeared only once so far in Euro Stars and Kristiansson was also the third best performing Other Bonds manager on a manager ratio basis in the July 2012 publication. This was primarily for his work on the €305 million corporate bond fund.

Kristiansson losses out on his risk-adjusted rating despite a period of outperformance in absolute terms on the euro-denominated version of the corporate bond fund.

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Felix Freund, Standard Life Investments

Sector: Other Bonds

Funds: Not currently managing funds

Bond manager Felix Freund drops out of the Euro Stars ratings after opting to transfer from Union Investment to take up the role of director of European credit at Standard Life Investments.

The move, which took place in April 2012, saw Freund end eight years running corporate bond funds on behalf of the German asset management firm.

Freund has not re-entered active management since joining Standard Life Investments in its Edinburgh offices. His UniInstitutional Global Corporate Bonds fund (see chart above) and UniEuroRenta Corporates 40 fund were taken over by Normen Fritz upon his departure.

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