mast image

Special Report

Impact investing


Better than others

Asian specialist funds managers are backing the market quite heavily in the absence of good news in most other parts of the region.

There are six single-country open-ended funds to choose from and a variety of Asian emerging markets funds, some of which favour the Phil-ippines. The single country funds include umbrella sub-funds from BGI (now run by Axa in Asia), Indocam, Nikko and Thornton (now run by Dresdner RCM).

Performance over three years is all fairly similar. The top performer is Nikko, re-turning just over 40%. 1996 was a good year but the fluctuating fortunes of the market and the region have not helped managers produce anything like consistent performance.

Of the emerging markets funds with significant exposure to the Philippines, the RHB Newly Industrialised Economies Fund has almost an 18% weighting. The manager, Christopher Wong (ex of GT) for the firm Rashid Hussein will make use of op-portunistic plays and is not averse to taking a contrarian view, hence his relatively high weighting, although other Asian managers are now catching on to the trend. But one crucial aspect that ac-counts for the fund's outperformance is its high cash weighting during 1998.

Of the other managers with significant exposure to the Philippines, while they appear to have confidence in the country, their weightings elsewhere are higher. Invesco's William Barron, for example, has 11% of his Asean Development fund in the Philippines, but 20% in Malaysia and 24% in Indonesia. The narrower focus of the fund has something to do with this, but nonetheless, Barron appears not to be taking too big a bet on the Philippines. Richard Newell

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2543

    Asset class: Search of an Asset manager / Advisor managing / Advising a risk-based equity derivatives overlay program.
    Asset region: Global Developed Markets Equities, Global Emerging Markets Equities, Swiss Equities.
    Size: CHF 700-2100 million.
    Closing date: 2019-06-17.

  • QN-2544

    Asset class: Transitional Real Estate Debt.
    Asset region: North America (USA/Canada).
    Size: $50-100mn.
    Closing date: 2019-06-17.

  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

Begin Your Search Here