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Top five most improved Alt Ucits managers revealed

Citywire Global uncovers the alternatives talent rocketing up the rankings over the past 12 months.

Jose Ramón Iturriaga, Abante

Funds: Okavango Delta A, FI/, Kalahari, FI

Sector: Multi-Strategy

  • Ranking November 2011-May 2012: 36/36
  • Ranking June 2012-December 2012: 1/41

Abante’s multi-strategy specialist Jose Ramón Iturriaga went from the very bottom of his respective sector to sit in top spot six months later. He has run their two multi-strategy funds since joining from Gesbankinter, where he was head of equities, in 2005.

The Spanish-domiciled Okavango Delta fund invests primarily in variable income securities from eurozone nations, while the Kalahari fund's portfolio is mainly focused on bonds (44%) and equities (36%), with industrials and financials being the largest sector exposures.

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Paul McNamara, Caroline Gorman, Denise Prime, GAM

Funds: GAM Star Emerging Market Rates EUR Acc, GAM Star Emerging Market Total Return EUR Acc

Sector:Credit Strategies

  • Ranking November 2011-May 2012: 42/49
  • Ranking June 2012-December 2012: 3/66

The GAM trio, who have co-run the two Dublin-domiciled funds since they were launched in April 2010, rose from the lower levels of the credit strategy sector following a sudden drop in performance in May to reach its upper echelons in the second half of 2012.

According to the most recent commentary, long positions in Italy, Russia and Turkey had turned to their advantage in the second half of the year, although a long-held position in Brazil was detracting from performance.

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Carlos Cezero, Belgravia

Fund: Belgravia Beta SICAV

Sector: Equity Long/Short

  • Ranking November 2011-May 2012: 69/123
  • Ranking June 2012-December 2012: 10/128

One of three funds under the stewardship of Carlos Cerezo, who has run the long/short equity fund since it was launched in July 1999, the €50.85 million fund has gone from a mid-table performance in the most populous Alt Ucits class to a top 10 position over this analysis period.

Cerezo, along with most of the managers in this review, suffered through May and lost 0.25% at a time when the average manager returned 0.21%. He did, however, return strongly and has bettered his peers by at least two percentage points since the summer.

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Jon Sigurdsen, DNB

Fund: DNB Fund ECO Absolute Return A SEK (EUR)

Sector: Equity Long/Short

  • Ranking November 2011-May 2012: 120/123
  • Ranking June 2012-December 2012: 6/128

DNB’s Jon Sigurdsen is one of two managers to have risen more than 100 places in his respective sector since the beginning of the year. Lying near the bottom of the long/short equity rankings in mid 2012, Sigurdsen has turned around his performance, posting the sixth strongest returns since June 2012.

Sigurdsen previously told Citywire Global there would be a raft of opportunities for his energy-centric fund from the increased aversion to nuclear technology. The current largest holdings in his €82 million fund are long positions in energy efficiency specialist Johnson Controls (5.5%) and solar tech supplier GT Advanced Technologies (5%).

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Davide Serra, Algebris Investment

Fund: MS Algebris Global Financial UCITS B EUR Acc

Sector: Equity Long/Short

  • Ranking November 2011-May 2012: 122/123
  • Ranking June 2012-December 2012: 1/128

Leading the field with the most pronounced upturn in performance is Algebris Investment’s fund manager Davide Serrra. The long/short equity manager has shot up 121 places from second from bottom in his sector rankings to pole position over the past six months.

Serra became sole lead on the Dublin-domiciled fund following the departure of co-manager Eric Halet in March 2012 and also oversaw the launch of an Alternative Ucits financials credit fund at the end of 2012.

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Related Fund Managers

Carlos Cerezo
Carlos Cerezo
2/43 in Mixed Assets - Absolute Return EUR (Performance over 3 years) Average Total Return: 71.77%
Jon Sigurdsen
Jon Sigurdsen
2/61 in Equity - Energy (Performance over 3 years) Average Total Return: 50.24%
Paul McNamara
Paul McNamara
27/90 in Bonds - Emerging Markets Global Local Currency (Performance over 3 years) Average Total Return: -8.34%
Jose Ramón Iturriaga
Jose Ramón Iturriaga
1/40 in Alternative UCITS - Multi Strategy (Performance over 3 years) Average Total Return: 96.71%
Davide Serra
Davide Serra
3/105 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: 115.85%
Caroline Gorman
Caroline Gorman
32/57 in Alternative UCITS - Bond Strategies (Performance over 3 years) Average Total Return: 6.99%
Denise Prime
Denise Prime
30/57 in Alternative UCITS - Bond Strategies (Performance over 3 years) Average Total Return: 6.99%
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