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
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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
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DEurope
CAP
World
Express
Fds
Equities
Current
Funds
0·43
First
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Emerging
Markets
A
leaders A
Ratio
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Equity
A'
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Citywire
Group
Rating
GEN
INV
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Atlas
Mid
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100
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Comgest
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invest
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Change
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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
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&Asset
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TOP RATED FUND MANAGERS
Threadneedle
Sarasin
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Investments
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&Management
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1.12
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0.80
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Asset
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CIC
Asset
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1.28
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Investments
Asset
Morgan
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0.92
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1.09
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0·79
0·78
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0·77
0·74
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Fidelity
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Sarasin
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World
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1·49
0·75
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Citywire
Group
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»)
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
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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