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Each month in PWM, nine top European asset allocators reveal how they would spend €100,000 in a fund supermarket for a fairly conservative client with a balanced strategy


GIOVANNI BECCHERE


HEADOFMULTI-ASSETS ABNAMROINVESTMENT SOLUTIONS BASEDIN: PARIS,FRANCE


“We increased exposure to equities at the expense of bonds, by adding to both US and Europe. In the US we increase the existing holdings in our core position represented byAAF Parnassus US Sustainable Equities. In Europe we take the opportunity to add a newline withAAFEdentree European Sustainable Equities—a pioneer of ESG and sustainable investments. This value-oriented stock- picking approach is unique in the sustainability landscape, inwhich the vastmajority of managers tend to be blended or growth-oriented.”


LUCADALMAS


SENIORFUNDANALYST AVIVAINVESTORS BASEDIN:LONDON,UK


“The US economy is accelerating, with plenty of slack still remaining in the labour market and huge pent-up savings helped by fiscal support. In Europe, confidence indicators continue to improve, despite the EU’s difficulties on Covid-19 vaccination rollouts. These should pick up pace in April, thanks to further deliveries fromAZ and Pfizer. In portfolios, we have taken further profit in credit, sold an alternative manager due to team changes and increased our exposure to more cyclical themes.”


KELLYPRIOR


INVESTMENTMANAGERINTHE MULTI-MANAGERTEAMBMO GLOBALASSETMANAGEMENT BASEDIN:LONDON,UK


36 APRIL/MAY 2021


“Europe was the best performing equity market with the Magallanes Value Investors European Equity leading the pack, echoing the turn in fortunes for more cyclical investments. We have adjusted weightings withing the European selection to reflect this. With much good new priced into headline market levels we seemore focus on fundamentals as a possibility, though the actions of central banks and politicians will undoubtedly continue to be an outsized influence on markets as we move into spring.”


AMOUNT (€)


EQUITY 18,000 15,000 9,000 9,000 5,000 3,000 3,000


FIXED INCOME 6,000 5,000 4 ,000


ALTERNATIVES 20,000


100,000


FUND NAME AAF Parnassus US Sustainable Eq


AAF Boston Common US Sustainable Eq AAF Alger American Asset Growth


AAF Candriam European Sustainable Equities Threadneedle Pan European Smaller companies Fidelity Sustainable Asia Equity


AAF Numeric Emerging Markets Equities


Neuberger Berman EMD — Local Cur Schroder ISF Euro Corporate Bond Neuberger Berman EMD — Hard Cur


Marshall Wace TOPS


SECTOR US Blend


US Equity Value US Equity Growth Europe Equity Blend


Europe Equity Small Cap Asia ex Japan Equity Emerging Equity


Global Emerging Debt Europe Investment Grade Global Emerging Debt


Long/Short Equity


SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 65,000


15,000 20,000 0


100,000 AMOUNT (€)


EQUITY 15,000 15,000 12,500 11,000 9,500 5,000 2,500


FIXED INCOME 6,000 4,000 4,000 2,000


ALTERNATIVES 5,000 3,000 1,000


CASH 4,500


100,000 SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 70,500


16,000 9,000 4,500


100,000


LAST MONTH 69,000


16,500 11,000 3,500


100,000 FUND NAME Blackrock European Dynamic


T Rowe Price Emerging Mkts Baillie Gifford Japan GLG Japan


iShares Global Govt Bond UCITS ETF Blackrock EMD HC


Hermes Global High Yield JPM Global Corporate Bonds


Aviva Investors Target Return


TwentyFour Monument Bond Fund Ishares Physical Gold ETC


Cash


Wellington US Equity Research Portfolio US Equity Ishares Core S&P 500 ETF Artemis Income


SECTOR


European Multi-Cap US Equity


UK Large Cap


Global Emerging Markets Japan Growth Japan Value


Global Government Bonds Emerging Market Debt Global High Yield


Global Corporate Bonds


Multi-strategy European ABS Commodities


Cash


LAST MONTH 59,000


21,000 20,000 0


100,000


AMOUNT (€)


EQUITY 9,000 7,000 7,000 6,000 6,000 6,000 4,000 3,000 2,000


FIXED INCOME 11,000 10,000 10,000


ALTERNATIVE 10,000


CASH 9,000


100,000 SUMMARY Equity


Fixed income Alternatives Cash


THIS MONTH 50,000


31,000 10,000 9,000


100,000


LAST MONTH 50,000


31,000 10,000 9,000


100,000


FUND NAME


Magallanes Val Inv Euro Eq I EUR C Memnon European Fund I EUR Morant Wright Japan


Artemis US Extended Alpha I EUR Findlay Park American USD Majedie UK Focus


Eastspring Investment Japan Dynamic TT Asia ex Japan Equity Fund E2 TT Emerging Markets Unc E2 EUR


M&G Global Macro Bond EUR


Hermes Mlti Strat Cred EUR Dist Hdgd Vontobel 24 Global Unc Fnd EUR


Jupiter UK Sp Eq I EUR ACC Hdgd Cash


SECTOR


European stock specific, intrinsic value European flexible, concentrated, bottom up Japan value-driven mid cap bias


Long short, multi cap asymmetric risk US equity — multi-cap


Focus fund pooling 4 managers’ best ideas Japan Equity


Quality biased fundamental stock picking Flexible unconstrained best ideas


Fixed Income — Flexible Global mandate Fixed Income — Flexible focused fund Fixed Income — Flexible Strategic


UCITS Wider-Pwrs Lng-Shrt market neutral Cash


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