French Ratings - Moneta Asset Management
Transcription
French Ratings - Moneta Asset Management
FRENCH RATINGS 1 37 For more information and news make regular visits to www.citywireselector.com ~ ~ French Ratings Data to the end of September 2008 Comgest's Rodrigue gains first French A rating Sébastien Jallet A rated this month for Generali fund Invesco's Chesson promoted from A to AA rating This month 129 managers received a Citywire Comgest European mid-cap specialist Claire Rodrigue features among this month's newly A-rated managers in France. Speaking at the end of September, Comgest Growth Mid Caps Europe manager Rodrigue said healthcare stocks, which formed the fund's largest sector allocation at 25.9% and. her exposure to the food industry had proved French Rating. Convertible Bond IndexTR index. Natixis Convertibles Euro manager Denis Passot joins Jallet in this month's list of newlyrated managers in France. Passot receives an A rating for his three-year risk adjusted performance with the fund, which invests primarily in eurozone convertible bonds. ~ Passot is currently ranked seventh out of 30 particularly resilient in a challenging market managers in Citywire's French three-year rank- environ ment. ln particular, she highlighted ings for the Bond Convertibles Europe sector. Belgium-based food distributor Colruyt, her Over the three years to the end of September, largest holding, as a stock she is bullish about. the A-rated manager has posted a 1% return in euro terms with the Natixis Convertibles Euro ln September, the A-rated manager sold out of cosmetics firm Clarins and Helsinkibased retailer Stockmann owing to concerns fund compared to a 2.5% loss by the Exane EMU Convertible Bond CR index. over the economic backdrop. Since Rodrigue Baring Europe Select manager Nicholas started managing the fund in January 2006, Williams is the only manager to move up from she has posted a 7% loss in euro terms com- AA to AM status in France this month, having been rated for 11 months. pared to a loss of 14% by the MSCI Europe Meanwhile, three Japan equity managers Mid Cap TR index. Rodrigue features among 20 managers who move up from A to AA in the French ratings. receive A ratings this month, including two Leading the way is Paul Chesson, who runs the European convertible bond managers. Among them is Sébastien Jallet, who runs the Francedomiciled Generali Euro Convertibles and Invesco Japanese Equity Core fund. At the end Luxembourg-domiciled ible Bond funds. GEN INV Euro Convert- Jallet is currently ranked first out of 30 man- ofSeptember he said exporters, particularlyvehicle and technology companies, were attractive. However, financials, a key underweight, agers in Citywire's French three-year rankings Saux, who runs the Credit Suisse Equity (Lux) Japan Megatrend fund and Morgan Stanley the three years to the end of September, the japanese Value Equity manager Kunihiko Sugio also move up trom A to AA this month. compared to 3.8% loss by the UBS European Rodrigue's exposure to the food industry had proved particularly resilient in a chaUenging market environment represented an area he was cautious on. Fellow Japanese equity managers Joëlle for the Bond Convertibles Europe sector. Over A-rated manager has posted a 7.8% return in euro terms with the Generali Euro Convertibles Il Former Citywire Fund Selector Star Manager Charles Montanaro, who runs the Montanaro November 08 - Citywire Fund Selector 38 1 FRENCH RATINGS European Smaller Companies fund, also moves up from A to GROUP M. When RATED MANAGERS Montanaro spoke to Citywire in late September, he said he was expectOddo Asset Management Threadneedle Investments ing a fundamental shift in asset allocation as investors prepare for the next bull market, with the long-only manager poised to benefit from the demise of the hedge fund. Crédit Agricole Asset Management Carmignac Gestion Fortis Investments 4 4 4 hands are tied, banks are already less keen to provide the essential Natixis Asset Management 4 leverage, stock lending has become far more expensive and less readily Berenberg Moneta Asset Management 3 3 3 3 3 3 3 3 '/twill be far harderfor hedge funds to generate alpha where their available as institutions face up to considerable counter party risk and there are fewer prime brokers these days,' he said. Danielle Levy RODRIGUE'S3-YEARRECORDWITHCOMGESTGROWTHMID CAPSEUROPESource: Lipper • Claire Rodrigue • Average Equity Europe Small & Mid Capanager aD Charles Montanaro moves up to AA rating th is month Morgan Stanley AM Fidelity International Invesco Asset Management M&G Investments Aforge Gestion BlackRock Sarasin Investmentfonds AG Baring Asset Management Legg Mason Seligman Investments Standard Chartered 2 2 ~ 40 Morley Pictet & Cie ~ )0 Allianz Globallnvestors & 20 Banque de Luxembourg Funds Comgest Generali 60 50 m 10 ;2 a Il 5 4 3 2 2 2 2 2 -'a -20 Sep-os Sep-06 Sep-a? Sep-oB FUND MANAGERS WHO HAVE RECEIVED THEIR FIRST EVER RATING m::J11 ILl ŒClI Financière Atlas Standard Chartered DWS Skandia HGl Gestion Investments SA SMA Gestion SA MFS 0.26 0.28 Franklin Neuflize Templeton OBC UK Morley Crédit Agricole Asset Management Natixis Degroof Asset Management Atlas Generati Convertibles Euro Convertibles 0·33 0·3' 0·30 Invesca Asset Management Invesca CMM Select Asia Infrastructure Euro D1Japanese AlC Acc GAL Natixis DWS Invest Convertibles New Resources Euro R Eurizon Comgest Capital Comgest Growth Mid Caps Europe 0.]2 0.32 0.7] Generali 0·56 MFS Convertibles Meridian Funds European Smaller A,State EUR Asia A Franklin Aviva Eurizo~ Maitre Investors Placements EasyFund Technology Mutual European European Equity Euro A Acc 75 Small Value A USD Cap Acc Cap Equity EUR ACos R 0·40 0·3? 0·35 0.29 0·45 I!L:J First Share State Euro-Selection Asia Pacific Cap Sustainability A AJ leaders A GEN Bati Entreprendre INV Global New Cap/Dis Technologies DEurope CAP World Express Fds Equities Current Funds 0·43 First GlobalPacific Emerging Markets A leaders A Ratio Skandia Pacific Equity A' Manager Manager Citywire Group Rating GEN INV Euro Convertible Bond Atlas Mid France Maitre Placements Euro 100 CapA DIS DWS Comgest Renaissance invest Europe Growth Climate Europe Europe Change Cap/Dis Cap lC Bati Actions Investissement Cap/Dis Atlas Valeurope Cap Citywire Fund Selector - November 08 Please go online for the fulllist of groups www.citywireselector.com 1 FRENCH RATINGS 1 39 For more information and news make regular visits to www.citywireselector.com ~~ ~I FU ND MANAGERS WHO HAVE RECEIVED THEIR FIRST EVER RATING, [CIl 0.26 Natixis 0.26 Pictet Douilhet &Asset Cie Management Firmin Dubly Gestion SA Pictet CurrentDebt·P Cap F (lUX)·Global Emerging Fructi Europe Defensives Ratio Funds 0.25 Rating Group Manager Citywire Manager Demo F (lUX)·Emerging Pictet local Curr Debt·P Cap . :~I TOP RATED FUND MANAGERS Threadneedle Sarasin Investmentfonds Investments AGAbsolute M&G Bank Sarasin Investments &Management Cie AG Management 1.12 O.Bl 0.80 Moneta Moneta Franklin Carmignac Asset Templeton Gestion CIC Asset Management -0.80 1.28 0.6B American Berenberg Baring Pictet &Asset Cie Express Management Management Investments Asset Morgan Stanley AM Morley Pictet FExpress (lUX)·Global Eq Selection·P Cap 1.35 0.92 Natixis Invesco Asset Asset Management Management JmJI ~I Œil lEI ImIl 1 Management Invesco Pan Asia European AM Pacific Structured Rim Equities Fd ARfC(USD) Current Threadneedle Pan European Smaller CI Carmignac Threadneedle Portfolio European Grande Select Europe CI 1.91 Threadneedle 1.09 0.92 0.9' 0·79 0·78 0·7B 0·77 0·74 0.7' Polar Fidelity Schroder Capital International Investment Vontobel Polar Fidelity M&G Moneta Sarasin Baring Schroder Franklin World Aviva S. Active Capital Recovery Investors Europe South Multi EquiSar· OekoSar Technology Obligations Fund ISF Japan US Caps East Select European Fds AEmerging Smaller Inc Equity· Global Asia AUSD US A GBP ISR Acc Equities Acc Companies M&S Global Markets USD AUEquity Bond Eq ACompanies B BEUR Acc EUR A Invesco Japanese Equity Core ACap Morgan Stanley Emer Eur, Mid East & Afri Eq A EUR Ratio Funds 1.9' 1·49 0·75 EquiSar ·IIID (EUR) Rating Citywire Group Manager Manager 1 Pictet F Funds (lUX)·US Eq·P Cap Carmignac Euro· Entrepreneurs Aviva Investors Emerging Markets Loc Bd Moneta Micro Cap Invesco Global Structured Equity AUSD DistCurr Threadneedle European CIA Fidelity Moneta Schroder Micro ISF US .Entreprises Entreprises South Small IIID (EUR) East & Smaller Mid·Cap Cap Asia ACompanies Equity A Acc Sarasin EquiSar· Global EUR GO TOCITYWIRESELECTOR.COM FOR MORE ») Notations Citywire en Français: Méthodologie Les notations Global de Citywire et les notations et avoir affiché La notation pour s'appuie La méthodologie Le MR exprime la valeur fonds investis suivis est assignée en capitaux le tient par rapport « Manager compte en termes à des ratios parvenant catégorie sur plus une devise au risque pour à un indice de référence. » (MR), ruptures moins l'équivalent de carrière inclus pour minimiser notre L'analyse permettre par le gérant les catégories (A, AA ou de fonds. dans MA), l'impact de 0.25 AA ou La période analyse, Ratio de suivre pour (une d'analyse doit est entièrement de l'Information pour apportée intégrer Citywire par défaut sera le dollar être 0,25 (surperformance peuvent une note des gérants Un gérant, de surperformance, élevés obtiennent Ratio des Un MR d'au des Ëtats·Unis ajustée mensuellement. sur 30 mois de l'indice. Près de 10% des gérants A chaque sur la performance à jour ajoutée. pas le rendement A. Les gérants mises une performance Citywire les fonds). reflétant s'appuient sont gérer chaque unité de risque de 1 % de risque dans 40 catégories l'une Lipper de ces catégories • normalisée d'un à travers ans de détail quantitative. mesure la performance % par tranche est de trois un fonds de la performance gérant assumé, suivi) lorsqu'il lorsque le risque est nécessaire ajustée change se définit pour au risque d'employeur. obtenir comme ne une notation MA. le 1% constituant des fluctuations la frange des taux supérieur/! de change étant noté MA. (par exemple, la devise par défaut de tous les US). November 08 . Citywire Fund Selector