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
“Reportedearnings have been better than expected because the economic recovery has been stronger than expected. Forwardearnings,however, could be challengedin coming months,once second-round effects take hold. Thismonth, weadddirectexposureto Europeansmallcapsto benefit fromasupportive momentumandthe long- termrisk premiumofferedby this asset class.Wealsobuy ThreadneedlePanEuropean SmallerCompanies,afund whichaimsto invest in high- qualitygrowthcompanies offeringstrongandsustainable returnsoncapital.”
LUCADALMAS
SENIORFUNDANALYST AVIVAINVESTORS BASEDIN:LONDON,UK
“Early data for September shows that,while manufacturing continues its steady improvement in Europe andtheUS, Japan continues to
lag.Bycontrast, servicesweremore impacted by the secondwave of Covid infections, particularly in Europe. Septemberwas a difficult month for equities. Fixed incomemarkets were more stable, with US, European and Japanese rates remaining in the range seen since late March.Weused the correction to add to our gold and emerging markets allocation,while reducing our exposure to credit.”
AMOUNT (€)
EQUITY 15,000 14,000 10,000 9,000 5,000 3,000 3,000
FIXED INCOME 10,000 7,000 4,000
ALTERNATIVES 20,000
100,000
FUND NAME
AAF Parnassus US Sustainable Eq AA Aristotle US Equities
Alger American Asset Growth
AAF Candriam European Sustainable Equities Threadneedle Pan European Smaller companies Fidelity Asia Focus
Capital Group Japan Equity
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 Japan Equity
Global Emerging Debt Europe Investment Grade Global Emerging Debt
Long/Short Equity
SUMMARY Equity
Fixed income Alternatives Cash
THIS MONTH 59,000
21,000 20,000 0
100,000 AMOUNT (€)
EQUITY 12,500 10,000 10,000 10,000 9,000 8,000 5,000 2,000
FIXED INCOME 6,000 4,000 2,500
ALTERNATIVES 6,000 6,000 3,000 2,000
CASH 4,000
100,000 SUMMARY Equity
Fixed income Alternatives Cash
THIS MONTH 66,500
12,500 17,000 4,000
100,000
LAST MONTH 63,500
14,500 17,000 5,000
100,000 FUND NAME
T Rowe Price Emerging Mkts Artemis Income
Blackrock European Dynamic Ishares Core S&P 500 ETF
Ishares Continental Europe index
Wellington US Equity Research Portfolio Baillie Gifford Japan GLG Japan
Hermes Global High Yield JPM Global Corporate Bonds Blackrock EMD LC
Aviva Investors Target Return Blackrock Euro Abs Alpha Fund TwentyFour Monument Bond Fund Ishares Physical Gold ETC
Cash SECTOR
Global Emerging Markets UK Large Cap
European Multi-Cap US Equity
European Large-Cap US Equity
Japan Growth Japan Value
Global High Yield
Global Corporate Bonds Emerging Market Debt
Multi-strategy
European Long/Short Equities European ABS Commodities
Cash
LAST MONTH 59,000
21,000 20,000 0
100,000
AMOUNT (€) KELLYPRIOR
INVESTMENTMANAGERINTHE MULTI-MANAGERTEAMBMO GLOBALASSETMANAGEMENT BASEDIN:LONDON,UK
72 OCTOBER/NOVEMBER 2020
“Shinzo Abewas replaced as President of Japan in a surprise shift in leadership. The market liked the change – Japanwas the best performer in a mixed month for equities. The Morant Wright Japan fund was the best performer of the selection,while the TT Emerging Markets Unconstrainedwas the laggard. Asweenter the final quarter of the year, the outlook is as opaque as ever.Avaccine could change everything, as could a spike in Covid deaths and increasing lockdownmeasures.”
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
Memnon European Fund I EUR Magallanes Val Inv Euro Eq I EUR C 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
Merian UK Sp Eq I EUR ACC Hdgd Cash
SECTOR
European flexible, concentrated, bottom up European stock specific, intrinsic value 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
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76
