The five best global bond managers of the past five years revealed 28 June 2013 - 11:55 am 5. Ken Taubes, Pioneer Fund: Pioneer Funds Strategic Income I No Dis EUR Five year total return (May 2008-May 2013): 74.26% Posting the fifth strongest performance over the past five years is Euro Stars A-rated manager Ken Taubes, who oversees the $3.15 billion Pioneer Funds – Strategic Income fund. Taubes, who also runs a US dollar bond fund for the firm, has been a regular feature of Citywire’s global bond analysis in recent years, having been among the top performers under QE2 and during President Obama’s first term. He allocates almost two-thirds of the fund to the US bond market, while having minor positions in Brazil and Australia. It is a largely corporate bond-based approach, with 475 of the 488 positions being in the credit market. 4. Paul Causer/Paul Read, Invesco Funds: Invesco Global Bond E Acc/Invesco Perpetual Global Bond Inc/Invesco Global Total Return EUR Bond A Acc/Invesco Global Unconstrained Bond C EUR Five year total return (May 2008-May 2013): 74.93% Citywire A-rated duo Paul Read and Paul Causer take fourth spot in our countdown for the combined performance across four global bond strategies they run on behalf of Invesco. The performance data is comprised of an amalgamation of the performance on the Invesco Global Bond fund, which they co-managed from November 2004 to March 2010, as well as that of the funds they have taken on more recently. The largest Luxembourg-domiciled fund currently overseen by the duo is the €153 million Invesco Global Total Return Bond fund. This strategy is primarily invested in AAA-rated bonds, while 36.5% of the portfolio is exposed to the German market. 3. Richard Woolnough, M&G Fund: M&G Optimal Income EUR C-H Gross Acc (Hedged) Five year total return (May 2008-May 2013): 77.89% M&G’s Richard Woolnough is another Citywire rated manager and also another running multiple funds but still delivering strong returns in the global bond space. The €18.2 billion fund, which is registered for sale in nine markets worldwide, has its largest credit quality exposure to AA-rated (25%) and BBB-rated (24%) bonds. The largest positions – outside of sovereign debt – are in special purpose vehicle Granite Master Issuer and Lloyds Banking. At the start of the second quarter of 2012, Citywire A-rated manager Woolnough opted to up his banking exposure. This was after halving his exposure to government debt due to improved risk/reward in the financials sector. 2. Michael Hasenstab, Franklin Templeton Funds: Templeton Global Bond (Euro) I (acc) EUR/Templeton Global Bond I (acc) EUR/Templeton Global Total Return Bond A Inc/Templeton Global Total Return I (Mdis) Five year total return (May 2008-May 2013): 79.63% Franklin Templeton’s Michael Hasenstab is recognised for his performance across four different global bond strategies, including the $49 billion Templeton Global Bond fund. The largest single position at the end of April 2013 had been an allocation to cash, which made up 14% of the portfolio exposure. This was ahead of an 11% position in South Korea, which has emerged as a preferred market for Hasenstab. Hasenstab, who runs $185 billion in total, has Korean government debt as three of his five largest positions in the Global Bond fund. Speaking earlier this month, he said he expects the market to continue to outperform with little impact from the slowing of QE in the United States. 1. Bruno Crastes, H2O Asset Management Fund: H2O Multibonds IE Five year total return (May 2008-May 2013): 89.71% Pipping the great and the good of the global bond world to top spot is Bruno Crastes. The former Amundi manager – and one time Citywire Global Performance Clinic subject – has posted considerable outperformance after recovering from a blip in performance. He has not shied away from the European countries currently facing debt difficulties, with Spain, Greece and Portugal currently making up the largest three country bets in his $95 million global bond fund. Speaking to Citywire Global earlier this year, the Citywire AA-rated manager called time on the ‘ Chinese golden age’ and was a stern critic of France. He added recent outperformance had been driven by tactical currency shorts.
Posted on: Fri, 28 Jun 2013 07:03:20 +0000
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