Cobas Internacional, DWS Deutschland join highest rated on SharingAlpha platform

The latest monthly update of highly rated funds on the SharingAlpha platform has highlighted the Cobas Internacional and the DWS Deutschland funds among those most highly rated by SharingAlpha’s platform users constituting professional fund selectors across Europe and beyond.

Cobas now has two funds in the top 10 – the other being its Selección fund which has moved up on its position the previous month. Others making gains include the Magallanes European Equity, Vanguard US Opportunities and Schroder GAIA Two Sigma Diversified funds.

The funds are rated on the key factors of people, price and portfolio. The scores represent the ‘wisdom of the crowd’, as they are based more on qualitatively derived expectations of fund selectors rather than backward looking quantitative filtering.

Highly rated funds

FundDomicileAverage RatingRatersPosition
Liontrust European Income FundUnited Kingdom57same
Oppenheimer Developing Markets FundUnited States4.925same
Invesco Global Leisure FundLuxembourg4.916same
Cobas Internacional FISpain4.875new
Magallanes European Equity FISpain4.8220up
Vanguard US Opportunities FundIreland4.816up
Sextant PEAFrance4.8115same
Cobas Selección FISpain4.88up
Schroder GAIA Two Sigma DiversifiedLuxembourg4.7915up
DWS DeutschlandGermany4.786new

From the scores attributed to individual funds by fund selectors, SharingAlpha can compare the performance of those funds against equivalent ETFs, to gauge the alpha generation attributable to the skill of the selector. The closer the performance of the fund to the expectation of the selector, the higher the score of the selector. This is called a ‘Hit Score’ by SharingAlpha, which can then be compared between peers to identify groups of selectors who consistently do well, exhibiting selection skills.

The platform also enables fund selectors to run funds of funds, to establish asset allocation rankings. Again, this facilitates the generation of a track record of measurable skill on the part of the selector.

The data generated by platform users also enables SharingAlpha to provide updated rankings of providers, popular funds, popular categories, highly rated funds by category, and highly rated hedge funds. The ratings are provided on the basis of data available to the end of June 2018.

Highly rated providers

ProviderFunds RatedNumber of RatingsAverage RatingPosition
Fundsmith3664.56same
Robeco25804.5same
Deutsche30724.44up
MainFirst9624.44down
Schroders411514.37up
Liontrust71234.37down
M&G231314.33same
GAM281264.32same
Legg Mason13564.31same
Pimco36824.28same

Most popular funds

FundDomicileFund of Fund CountPosition
Fundsmith EquityUnited Kingdom25same
Old Mutual Global Equity Absolute Ret FdIreland20same
M&G Optimal Income FundUnited Kingdom17up
Magallanes European Equity FISpain15up
BSF European Opportunities Extension FdLuxembourg14up
Nordea 1 – Stable Return FundLuxembourg14down
JPM Global Macro Opportunities FundLuxembourg13new
Hermes Global Emerging MktsIreland12up
Morgan Stanley INVF Global Opportunity FundLuxembourg12new
Allianz Europe Equity GrowthLuxembourg11down

Popular categories

CategoryScoreAllocation ScorePosition
Europe Equity Mid/Small Cap100100same
Market Neutral4857same
UK Equity Mid/Small Cap5845same
Africa Fixed Income3544same
Africa Equity528same
Europe Equity Large Cap3918same
Precious Metals Sector Equity3815same
Currency3616same
Technology Sector Equity3023up
Asia ex-Japan Equity2821down

Highly rated funds by category

CategoryFundProvider
Aggressive AllocationMFS Meridian Prudent Wealth FundMFS
AllocationBlackRock Global Allocation FundBlackrock
Asia ex-Japan EquitySchroder ISF Asian OpportunitiesSchroders
Asia Fixed IncomeMatthews Asia Fds Asia Credit OppsMatthews Asia
Asia EquityFidelity Pacific FundFidelity
Cautious AllocationInvesco Pan European High Income FundInvesco
Greater China EquityJanus Henderson China Opportunities FundJanus Henderson
Commodities Broad BasketVontobel Dynamic CommodityVontobel
Consumer Goods & Services Sector EquityInvesco Global Leisure FundInvesco
ConvertiblesUBS (Lux) IF Global Convertible BondsUBS
CurrencyFirst Trust FactorFX ETFFirst Trust
Emerging Markets EquityOppenheimer Developing Markets FundOppenheimer
Emerging Markets Fixed IncomeBGF Emerging Markets Bond FundBlackrock
Energy Sector EquityFirst Trust North Amer Engy InfrasFundFirst Trust
Europe Equity Large CapLiontrust European Income FundLiontrust
Europe Equity Mid/Small CapMagallanes European Equity FIMagallanes
Euro Fixed IncomeLa Francaise LUX Multistratégies ObligatairesLa Francaise
Euro Money MarketBNP Paribas Money 3MBNP Paribas
Flexible AllocationBelgravia Épsilon FIBelgravia
Global Equity Large CapFundsmith Equity Fund FeederFundsmith
Global Equity Mid/Small CapTrue Value FIRenta 4 Gestora
Global EquityEurizon Sustainable Global EquityEurizon Capital
Global Fixed IncomePIMCO GIS Global Bond FundPimco
Market NeutralPictet TR – AgoraPictet
Long/Short EquityCharlemagne OAKS Emerging and Frontier Opp FundFiera
High Yield Fixed IncomeNordea 1 – European High Yield Bd Fd IINordea
India EquityKotak India Midcap FundKotak
Industrials Sector EquityRobecoSAM Smart Materials FundRobeco
Inflation LinkedSanlam Multi Mgd Inflation Lnkd BondSanlam
Japan EquityJanus Henderson Horizon Jpn Smr Coms FdJanus Henderson
MiscellaneousEaton Vance Global High Yield Bond FundEaton Vance
Moderate AllocationAcatis – Gané Value Event Fonds UIAcatis
MultialternativeSchroder GAIA Two Sigma DiversifiedSchroders
Other AlternativeCandriam Bds Credit OpportunitiesCandriam
Other Europe EquitySextant PEAAmiral Gestion
Other Fixed IncomeGAM Star MBS Total ReturnGAM
Precious Metals Sector EquityBGF World Gold FundBlackrock
Property-DirectSchroder UK Real Estate FundSchroders
Other Sector EquityRobecoSAM Sustainable Water FundRobeco
Real Estate Sector EquitySchroder Global Cities Real Estate FundSchroders
Natural Resources Sector EquityInvestec GSF Global Natural Resources FdInvestec
Technology Sector EquityDNB Fund TechnologyDNB
Sterling Fixed IncomeGAM Star Credit Opportunities (GBP)GAM
UK Equity Large CapJupiter UK Special Situations FundJupiter
UK Equity Mid/Small CapLiontrust Special Situations FundLiontrust
US Fixed IncomeGAM Star Credit Opportunities (USD)GAM
US Equity Large Cap BlendOssiam Shiller Bcly Cape US Sect Val TRNatixis
US Equity Large Cap GrowthMS INVF US Growth FundMorgan Stanley
US Equity Large Cap ValueRobeco BP US Premium EquitiesRobeco
US Equity Mid CapVanguard US Opportunities FundVanguard
US Equity Small CapNuveen NWQ Small-Cap Value FundNuveen
Africa EquityMarriott Dividend GrowthMarriott
Africa Fixed IncomeSTANLIB Aggressive IncomeSTANLIB

Highly rated hedge funds

FundDomicileAverage RatingRatersPosition
Liontrust European Income FundUnited Kingdom57same
Oppenheimer Developing Markets FundUnited States4.925same
Invesco Global Leisure FundLuxembourg4.916same
Cobas Internacional FISpain4.875new
Magallanes European Equity FISpain4.8220up
Vanguard US Opportunities FundIreland4.816up
Sextant PEAFrance4.8115same
Cobas Selección FISpain4.88up
Schroder GAIA Two Sigma DiversifiedLuxembourg4.7915up
DWS DeutschlandGermany4.786new

Fund selector comments

Users of the SharingAlpha platform have also provided comments on certain of the funds rated over the past month.

Alexandre de Mahieu senior investment advisor at Vellut, Namèche & Associés said: of the Nuveen NWQ Small-Cap Value fund: “Good performance this year YTD. But globally sometimes underperforming, sometimes overperforming. Globally an average performance & risk.”

Gaurav Sharma, independent research analyst, commented on the Kotak India Midcap fund that: “After the recent reclassification exercise by the SEBI, this fund is renamed as Kotak Small Cap fund. My insights: 1) NAV has fallen by around 12% in 2018-to date; 2) More than 50% allocation in cyclical sectors include over-allocation in basic materials and under-allocation in financial services compared to both category averages and benchmark; 3) The manager is looking to generate alpha through basic materials, industrials and information technology stocks; 4) Around 14% of holdings are still in large cap stocks – a little bit of style drift (could be used as a cushion to the recent fall in SMID caps); 5) High expense ratio – starting from 2.3%; 6) <40% turnover is good; 7) New investments in consumer based themes – retail, clothing – good sign; 8) The fund has not been able to fully capture the upside in the markets; 9) Solid management and investment team. All-in-all an above average fund, which can be a part of moderately high risk investor.

Ignacio Martín Ocaña senior portfolio manager at Alpha Plus Gestora, said of the MS INVF US Growth fund  the he considers it “best in class US large cap growth fund with a growing and consistent alpha generation (+400 pbs accumulated in last 3 years).”

“1.2x beta is in line with the growth investment approach combined with an 8.7% tracking error against (>80% active share vs Russell 1000 Growth index), which is not exactly right as the fund is focused on large caps. 80% of the portfolio concentrated on sectors like IT (40%) consumer (20%) and healthcare (20%) in a concentrated portfolio of just 35 holdings (+20% median five-year EPS growth and +18% sales growth)….companies like Amazon, Starbucks, Alphabet, Illumina and Twitter.”

Yuli Petreikov, senior portfolio manager at Pioneer Wealth Management, notes that the GAM Star Credit Opportunities (USD) is “an exceptional fund.”

“There are no passive instruments to get exposure to junior debt of investment grade companies. Because of the high coupon (of 5%-6%) the fund is affected less by the rising yield.”

Carla Veiga, senior fund manager at GNBGA, said of the Invesco Pan European High Income fund: “Excellent fund in terms of performance and investment process.2

Jorge Martret, director of management at Talenta Gestión, said of the BSF Fixed Income Strategies fund that it is a “must be” in a conservative portfolio.

Jose Reinosa, investment advisor at Julius Baer, said of the Nordea 1 – Stable Return fund: “Value style fund with a bias to mid-caps, managed by a highly skilled team who holds a concentrated portfolio on high conviction stocks. Track record is still short but it shows a great performance since launch with a good risk management.”

Carlos Prado Conde, analyst at Sássola Partners, said of the MFS Meridian Prudent Wealth fund: “Portfolio manager with a very conservative point of view. High levels of cash and UST-Bills in one hand and in the other a very conservative equity portfolio overweight in consumer staples and technology.”

Beatriz Hernández Ribes, funds analyst at atl Capital, said of the Robeco BP Global Premium Equities fund that: “The fund’s index is very difficult to beat due to the risk-return efficiency. Despite this handicap, Robeco Global Premium has been able to outperform the market in many opportunities. It has one of the best quantitative and qualitative ratings from Morningstar using a value approach. From atl Capital we would highly recommend this fund to cover global markets within a diversified portfolio.”

 

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

Read more from Jonathan Boyd

preloader
Close Window
View the Magazine



I also agree to receive editorial emails from InvestmentEurope
I also agree to receive event communications for InvestmentEurope
I also agree to receive other communications emails from InvestmentEurope
I agree to the terms of service *


You need to fill all required fields!