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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


“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


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