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Straight to the top: 16 Euro Stars AAA-rated debutants revealed

Citywire Global runs down the chosen few who have obtained the coveted AAA-rating on their first appearance in our elite fund manager ratings.

Iain Stealey, JP Morgan

Fund: JPM Euro Aggregate Bond A Acc EUR

Manager Ratio: 1

Sector: Bond EUR

The first of the 16 fund managers to have achieved a Euro Stars AAA rating on their first time around is JP Morgan’s European bond manager Iain Stealey.

Stealey co-runs the €8.4 million JPM Euro Aggregate Bond fund with fellow Euro Stars AAA-rated manager Jon Jonsson. The duo has worked together since the fund’s launch in November 2009.

According to the most recent available factsheet, Jonsson and Stealey favour French and Italian bonds, while having nearly 40% of the fund invested in the sovereign debt of European governments.

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Rukhshad Shroff & Rajendra Nair, JP Morgan

Fund: JF India Fund

Manager Ratio: 1.006

Sector: Equity India

Rukhshad Shroff and Rajendra Nair (pictured) are two of the longest-standing managers in this analysis having co-managed the JF India fund since 1995. The pair is finally Euro Stars AAA-rated for their work on the $1.6 billion strategy.

The pair operate with a long-term investment horizon and, at present, have around 35% in financials stocks, with 12% in IT and 11% in basic materials. The largest single position is in HDFC Bank, which makes up 10% of the portfolio exposure.

The Hong Kong-based duo also recently featured in the long-term investment analysis piece Decade Dominators, which showcased the best performing managers with a 10-year track record.

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John Leahy & David Stormont, Hermes

Fund: Hermes UK Small & Mid Cap Companies GBP Z Acc

Manager Ratio: 1.031

Sector: Equity UK Sm&Mid Cap

John Leahy (top image) and Dennis Stormont (bottom image) enter their fourth year as co-managers on the Dublin-domiciled small and mid-cap UK fund with their first Euro Stars ratings and both earn a AAA-rating as well.

On the $313 million strategy, Leahy and Stormont target undervalued UK companies drawn mainly from the FTSE 250 ex IT and FTSE UK Small Cap ex IT Aggregate indices.

This sees the fund largely invested in industrials names, with multinational services firm Babcock International being the single largest position in the fund at the end of November 2012.

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Frank Thormann, Universal Investment

Fund: UniFavorit: Aktien I

Manager Ratio: 1.078

Sector: Equity Global

The Germany-based fund manager has scooped his first Euro Stars rating almost immediately after becoming eligible for the accolade. Thormann has run the UniFavorit: Aktien I fund since March 2010 when he took over from Michael Muders.

Previously picked out as a Manager to Watch by Citywire, Thormann has not just achieved a Euro Stars AAA rating but also bagged Citywire AA ratings in Austria, Germany, Italy and Spain.

In the $444 million fund, Thormann mainly invests in the US market, which makes up 62% of his fund’s allocation by country. On a sector basis, he focuses on IT (21%), finance (18%) and healthcare (16%).

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Hervé Mangin, AXA IM

Funds: AXA Europe Opportunites D, AXA WF Framlington Europe Opportunites FC, AXA WF2 Continental Europe Opps Eq I D

Manager Ratio: 1.088

Sector: Equity Europe

The Paris-born manager Hervé Mangin adds to his impressive Citywire AAA-rating across seven domestic markets with a Euro Stars AAA rating on his first appearance in the publication.

Running three funds across European equities, Mangin is one of two newly Euro Stars AAA-rated managers to be recognised for their performance across three separate mandates.

His longest tenure is on the French-domiciled AXA Europe Opportunites D, which he began running in November 2005. This fund can invest across all cap sizes.

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Beryl Bouvier di Nota, Amundi

Fund: Amundi Fds Equity Euroland Small Cap – IE (C)

Manager Ratio: 1.187

Sector: Equity EuroZone Sm&Mid Cap

Operating in one of the more niche sectors on this list, Amundi’s Beryl Bouvier di Nota has earned her Euro Stars AAA rating for her performance in the eurozone small and mid-cap equity sector.

In the €95 million fund, di Nota has a preference for industrial names, where she has a slight overweight in her sector allocation. Her geographical breakdown is focused mainly on France (27.8%), Germany (24.31%), as well as Italy (15%).

Di Nota has been lead manager on the Luxembourg-domiciled fund since its launch in September 2004. She is also AAA or AA rated in all eight domestic markets covered by Citywire.

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Adrian Hickey, Serena Robinson & Sam Perry, Pictet

Fund: Pictet-Japanese Equity Opportunites-I JPY

Manager Ratio: 1.192

Sector: Equity Japan

Pictet’s Adrian Hickey (top), Serena Robinson (middle) and Sam Perry (bottom) are the only trio on the list of the newly AAA-rated Euro Stars fund managers for their risk-adjusted performance on the Pictet-Japanese Equity Opportunities fund.

The trio has been in place since Perry joined with Robinson and Hickey in March 2009. Robinson is the longest serving manager on the fund, having joined in October 2005 and Hickey joining one year later.

In a round-up commentary published in December 2012, the trio said small and mid-cap names will hold the most potential in 2013 and they are keep a firm focus on domestic, Japanese financials names as well.

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Eve Bouard, BNP Paribas

Fund: BNP Paribas Smallcap Euroland C, Parvest Equity Euro Small Cap P, BNP Paribas MidCap France D

Manager Ratio: 1.403

Sector: Equity EuroZone Sm&Mid Cap

The second newly AAA-rated manager with three funds under their control is BNP Paribas’ Eve Bouard, who also operates in the eurozone small and mid-cap equity sector.

Bouard has been running the three funds since May 2007, although the Parvest Equity Euro Small reverted to the control of original manager Damian Kohler before Christmas.

In the BNP Paribas Smallcap Euroland fund, Bouard focuses on France (25%) in terms of geographic exposure, with her main sectors of interest being industrials (20%), IT (15%) and finance (14.5%).

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Daniel Hemmant, BNP Paribas

Fund: BNP Paribas L1 Equity Europe Growth I C

Manager Ratio: 1.427

Sector: Equity Europe

Another entry for BNP Paribas sees Daniel Hemmant graduate from Managers to Watch to a Euro Stars AAA-rating, as well as a Citywire AAA-rating in seven domestic markets and a AA-rating in the eighth.

He is recognised for his performance on the €611 million European equity strategy, the BNP Paribas L1 Equity European Growth fund. Hemmant has run this fund since November 2009.

Hemmant said he has focused his efforts on secular names due to the vulnerable nature of the European markets over the past year. He has been critical of efforts to stimulate growth through austerity measures in his market commentaries.

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Alex Wright, Fidelity

Fund: Fidelity UK Smaller Companies A Acc

Manager Ratio: 1.479

Sector: Equity UK Sm&Mid Cap

The British-born fund manager has achieved a Euro Stars AAA rating for his performance on the £113 million (€139 million) Fidelity UK Smaller Companies fund.

Wright’s performance figures combine his tenure on the Fidelity UK Smaller Companies fund and also its previous incarnation the Fidelity Inst UK Smaller Companies strategy, which was rolled into the existing format in April 2011.

At present, Wright favours consumer discretionary stocks, which make up nearly 30% of his fund’s allocation by sector. This compares to 17.3% allocation to industrials, financials (13.6%) and IT (10%).

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Bernhard Urech, Swiss & Global AM

Fund: Julius Baer BF Euro-EUR C

Manager Ratio: 1.52

Sector: Bond EUR

Zurich-based fund manager Bernhard Urech finally joins co-manager Mario Fraefel in the Euro Stars ratings. However, unlike Fraefel’s A rating, Urech has achieved a AAA rating for his risk-adjusted performance on the €138 million fund.*

In the fund, Urech has a strong preference for Italian debt (18%), as well as relatively big positions in France (11.7%), Germany (11.3%) and the US (10.6%). The single largest position is in an Italian government bond, which makes up 3.25% of the portfolio exposure.

In terms of credit rating, the Julius Baer BF Euro-EUR C fund is mainly invested in BBB-rated bonds, which make up 43.8% of the portfolio, while A-rated bonds make up 18% of the fund.

*The difference in rating is due to Fraefel running more than one portfolio and therefore having a different manager ratio figure.

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Chris Bullock, Henderson

Fund: Henderson HF Euro Corporate Bond A2

Manager Ratio: 1.746

Sector: Bond EUR Corporates

The debutant to have achieved both a Euro Stars AAA rating and also the highest manager ratio of all the new intake is Chris Bullock of Henderson.

Bullock co-manages the Henderson HF Euro Corporate Bond fund ith fellow Euro Stars AAA-rated manager Stephen Thariyan.

The duo has been in place on the €1.08 billion fund since December 2009 and they focus largely on Euro denominated investment grade corporate bonds.

Bullock and Thariyan mainly invest in the UK corporate bond market, with 18% of the fund’s geographic exposure here. This compares to 16% in France and also 10.2% in the United States, which is allowed through the fund’s flexible strategy.

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Related Fund Managers

Frank Thormann
Frank Thormann
273/1123 in Equity - Global Equities (Performance over 3 years) Average Total Return: 48.16%
Eve Navarre
Eve Navarre
95/296 in Equity - EuroZone (Performance over 3 months) Average Total Return: -2.63%
Chris Bullock
Chris Bullock
45/166 in Bonds - Euro Corporates (Performance over 3 years) Average Total Return: 19.32%
Stephen Thariyan
Stephen Thariyan
44/166 in Bonds - Euro Corporates (Performance over 3 years) Average Total Return: 19.32%
Bernhard Urech
Bernhard Urech
113/262 in Bonds - Euro (Performance over 3 years) Average Total Return: 16.08%
Iain Stealey
Iain Stealey
99/262 in Bonds - Euro (Performance over 3 years) Average Total Return: 17.32%
Alex Wright
Alex Wright
1/44 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 115.55%
David Stormont
David Stormont
8/44 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 83.77%
Rukhshad Shroff
Rukhshad Shroff
98/116 in Equity - India (Performance over 3 years) Average Total Return: 62.45%
Rajendra Nair
Rajendra Nair
99/116 in Equity - India (Performance over 3 years) Average Total Return: 62.45%
Daniel Hemmant
Daniel Hemmant
387/539 in Equity - Europe (Performance over 3 years) Average Total Return: 52.54%
Hervé Mangin
Hervé Mangin
255/539 in Equity - Europe (Performance over 3 years) Average Total Return: 60.74%
Adrian Hickey
Adrian Hickey
Serena Robinson
Serena Robinson
Sam Perry
Sam Perry
Beryl Bouvier di Nota
Beryl Bouvier di Nota
John Leahy
John Leahy
Jon Jonsson
Jon Jonsson
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