golden awards 2018€¦ · environment with numerous unpredictable state-ments and actions in the...

www.sauren.de/en

Introduction

can draw on a wealth of experience from more than 6,000 interviews with promising fund man-agers.

We welcome this opportunity to give you an in-sight into the Sauren fund manager rating process and present the worthy winners for 2018.

Eckhard Sauren

www.sauren.de/en

For the markets, 2018 has so far been mainly shaped by political uncertainty. In particular, US president, Donald Trump made it a challenging environment with numerous unpredictable state-ments and actions in the trade war with China and other parts of the world. However, leading fund managers with successful long-term concepts achieved convincing results and high added plenty of value. The goal of the 2018 Sauren Golden Awards is to honour the competence of these fund managers.

First presented 15 years ago, the Sauren Golden Awards and gold medal ratings have established themselves as a particular benchmark for quality and one of the highest accolades for fund mana-gers in the market. The awards are based on quali-tative assessments of the fund managers’ individ-ual skills by our research team, which has been working together continuously for 18 years and

The Sauren Fund Manager Rating

Our more than 20-year-old investment philosophy “We do not invest in funds – we invest in fund managers” underlines the fundamental importance of the fund manager and his or her abilities when it comes to an investment fund’s performance. The multiple awards received by the funds of funds managed in line with this investment philosophy are testament to its quality in practice.

Rather than looking at the fund’s quantitative per-formance figures, we focus on qualitative assess-ments of the fund manager’s personal capabilities. This qualitative approach is also implemented by the fund manager rating, setting it apart from the numerous fund ratings on the market; indeed, it remains unique in Europe to this day.

IN DISCUSSIONS WITH FUND MANAGERSWe hold more than 350 intensive meetings every year with the fund managers responsible for investment decisions – we have built up a detailed hoard of information arising from more than 6,000 meetings over time. These meetings are not run on pre-defined lines. Individually tailored ques-tions allow us to gather a precise understanding of how a fund manager thinks and works.

Besides the personal impression that a fund manager gives in a meeting, we look at a host of other aspects. Specifically, these include the plausibility of the investment philosophy, consis-tency in implementing it, the extent to which pragmatism plays a role, orientation towards market indices and the process of generating investment ideas. The contribution made by a

fund manager’s support team or information network, his or her career and the degree of continuity in their success to date also play a key role. We also look at the performance achieved in the context of overall market conditions and inefficiencies in the investment universe. This pushes the analysis well beyond a purely quantita-tive comparison.

CONTINUOUS OBSERVATION Besides the initial qualitative analysis of a fund manager, we also pay great attention to follow-up meetings. By observing a fund manager on an on-going basis, we can deepen our understanding of their investment philosophy and thought pro-cesses. This also allows us to assess whether fund managers are being consistent in pursuing their investment philosophy and whether there have been any changes, e.g. in their team or in regard to the impact of assets under management.

Between meetings, the performance of the funds overseen by these fund managers is continuously analysed in relation to the investment style followed and overall market conditions. If the perfor-mance of a fund diverges significantly from expec-tations, we hold a meeting with the responsible fund manager as soon as possible.

UNIVERSALLY APPLICABLE APPROACHIn view of the absence of comparable data, a very heterogeneous peer group and the lack of sufficient track records, in particular quantitative ratings struggle to provide sound assessments. In contrast the approach focused on the person is

SAU REN GOLD MEDALS: CRITERIA AN D CONCLUSION

universally applicable, regardless of the respective investment segment and the strategy being pursued. For innovative fund concepts in particular such as regulated absolute return funds, the qualitative approach has a real edge on conventional methods.

GOOD FUND MANAGEMENT REALLY IS WORTH ITS WEIGHT IN GOLDOut of the host of fund managers analysed by Sauren, only the most promising are rewarded with one, two or three gold medals. This under-scores the high quality demanded from the analy-sis and the significance of a positive rating: even one gold medal is a high distinction. Medal winners are announced at the Sauren Golden Awards ceremony. Each of the fund managers receiving an award is given a certificate acknowl-

edging their achievement. A summary of all awards can be found in this brochure. Follow-up meetings as well as the continuous comparison of the performance of the managed funds ensure an ongoing assessment of the awards given. Regular updates can be found under www.sauren.de/en.

THE MEDIA ALSO LIKES TO STRIKE GOLDThe Sauren gold medals are widely recognised as the seal of quality for promising fund managers. Specialist media such as “FONDS professionell”, “Das Investment” or the pan-European magazine “Expert Investor Europe” regularly publish the cur-rent status of the ratings or incorporate the gold medals in their funds comparisons. “attrax” and the Swiss “Fundinfo” also regularly use the awards in the fund manager ratings for their information platforms.

QUALITY REQUIREMENTS ON THE FUND MANAGER

High level of quality Very high level of quality

Exceptional level of quality

PERSONAL IMPRESSION OF THE FUND MANAGER

Strong impression Convincing impression

Particular convincing impression

LIKELIHOOD OF SUPERIOR PERFORMANCE

Good chance Very good chance High

Winners of the 2018 Sauren Golden Awards

FOR THE BEST THE BEST: THE SAUREN GOLDEN AWARDS

To highlight and recognise outstanding manage-ment performance above and beyond its gold medals, Sauren presents a special annual award in selected categories: the Sauren Golden Award.

This accolade represents a specific distinction for particularly good management performance and is awarded in various categories, as well as for the comeback of the year. The experts from the Sauren Portfolio Management Team base their selection on their qualitative evaluations as well as the performance achieved by the managers in recent years, particularly in 2018.

KRISTIAN H EUGH(Morgan Stanley, Global Equities)

Kristian Heugh has been working at Morgan Stanley since 2001, first as an analyst and then as a portfolio manager. Based in Hong Kong, he man-ages the Morgan Stanley Global Opportunity Fund with a team of four. In the global investment uni-verse, Kristian Heugh seeks quality companies with high returns on capital. Company analyses are based on a time horizon of three to five years and are carried out with particular attention to whether there are disruptive changes in a sector. Kristian Heugh invests in the disruptor and in companies whose position seems hard to chal-lenge because of barriers to entry. Companies that also seem most attractive from a valuation per-spective are included in a concentrated portfolio. Kristian Heugh impressed with well-founded statements on the companies followed. The Morgan Stanley Global Opportunity Fund, which he runs, has significantly outperformed the global equity markets since its launch.

Source: Sauren Fonds-Research AG; Performance 26.01.2015 until 24.08.2018 in EUR

ERIC BEN DAHAN(Eleva Capital, European Equities)

Eric Bendahan is among the most successful fund managers for European equities. Before founding his own investment boutique, Eleva Capital, in 2014, he was a fund manager at Banque Syz & Co and Axa Investment Managers. His experience as a portfolio manager dates back to 2001. The prag-matic investment philosophy implemented by Eric Bendahan has no bias in terms of style, market capitalisation, sector or country. Eric Bendahan in-cludes a macroeconomic view on sectoral alloca-tion in particular. Assessed on fundamental criteria over a medium-term time horizon, the most con-vincing investment ideas are included in a portfolio without reference to any market index. In personal meetings, Eric Bendahan impressed with both his ideas on portfolio construction and detailed rea-sons for individual positions. The Eleva European Selection Fund that he manages from Paris has generated a high outperformance compared to the market performance since its launch in January 2015.

Source: Sauren Fonds-Research AG; Performance 17.12.2010 until 24.08.2018 in USD

180

170

160

150

140

130

120

110

100

90

BLUEBAY GLOBAL CONVERTIBLE BOND FUND

08/2009 08/201112/2010

UBS Global Convertible Focus Index

04/2010

300%

250%

200%

150%

100%

50%

0%

-50%

12/2010 12/201512/2014

MORGAN STANLEY GLOBAL OPPORTUNITY FUNDMSCI World Performance Index

12/2012 12/201712/2011 12/2013 12/2016

110

100

90

80

70

60

50

40

MAINFIRST TOP EUROPEAN IDEASMSCI Europe Performanceindex

07/2017 07/201010/2008 07/2009

40%

30%

20%

10%

0%

-10%

-20%

ELEVA EUROPEAN SELECTION FUND

01/2015 01/2017 01/2018

MSCI Europe Performance Index

01/2016

Source: Sauren Fonds-Research AG; Perfomance 15.09.2014 until 24.08.2018 in USD

CORMAC WELDON(Artemis Investment Management, US Equities)

Cormac Weldon began his career as an equity analyst in 1991. He moved from a pension fund to Threadneedle Asset Management in 1997, where he successfully managed US equity funds out of London between 2001 and 2014. Cormac Weldon and his team joined Artemis Investment Manage-ment in 2014. Cormac Weldon follows a pragmatic investment philosophy oriented towards funda-mental stock picking but also including macro-economic inputs. The “upside/downside” ratio that Cormac Weldon determines for every invest-ment idea is key to his investment decisions. The most attractive investment ideas are included in a relatively concentrated portfolio, taking into account their volatility and liquidity. In personal meetings, Cormac Weldon impressed with his statements on individual stocks and macroeco-nomic considerations. He has outperformed the US equity market with the Artemis US Select Fund since its launch in September 2014.


SOPH IA LI(First State Stewart Asia, Japanese Equities)

Sophia Li started as an analyst at First State in 2009. Since 2015, she has been responsible for Japanese equity portfolios. The stock selection is based on First State‘s proven long-term investment philosophy. Key considerations are a strong balance sheet, high free cash flow, sustainable growth and capable manage-ment. Sophia Li likes investing in niche players with a focussed strategy and a strong market position. Generally, the selected companies should also be able to grow in an overall stagnant market. Stock selection is exclusively based on fundamental ana-lysis, drawing on her own company meetings, with-out reference to a market index. In meetings, Sophia Li impressed particularly with her detailed knowl-edge of her portfolio positions. First State Japan Equity Fund, which Sophia Li manages from Hong Kong, has achieved high outperformance compared to the Japanese equity market since its launch in February 2015.

110

100

90

80

70

60

50

40


07/2007 07/201010/2008 07/2009 07/2011

ARTEMIS US SELECT FUND S&P 500 Performance Index

09/2014 06/2015 03/2016 09/2017

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

12/2016 06/2018

110

100

90

80

70

60

50

40


07/2007 07/201010/2008 07/2009

120%

100%

80%

60%

40%

20%

0%

-20%

FIRST STATE JAPAN EQUITY FUND

02/2015 02/201702/2016

TOPIX Performance Index

02/2018


JAMES MORTON(CIM / Santa Lucia, Emerging Market Equities)

James Morton‘s experience as a fund manager dates back to the early 1990s. In 1996, he founded his own company, headquartered in Singapore. The investment philosophy applied in the CIM Dividend Income Fund with a focus on dividends was de- veloped at the end of the 1990s as a contrarian reaction to the dotcom bubble. In an investment universe of predominantly Asian stocks, James Morton determines a company‘s fair value through fundamental analysis, with particular weight on free cash flow. At many company meetings James Morton and his team check the management strat-egy, with particular regard to sustainable share-holder participation in the company‘s success. The portfolio is construcetd by James Morton out of promising quality companies. In meetings, James Morton impressed most of all with his market experience. The CIM Dividend Income Fund that he has managed since its launch in March 2001 has very clearly outperformed the Asian index.


AN DREW GI BBS(Otus Capital Management, Absolute Return)

Andrew Gibbs can look back over more than 20 years‘ experience as a fund manager. In 2000, he founded Otus Capital Management in London, focussing on an investment philosophy oriented to-wards absolute return in the universe of European small cap equities. Based on macroeconomic con-siderations, Andrew Gibbs manages the portfolio‘s net and gross exposure. Also of central importance is to identify which stage of the economic cycle has been reached and the macroeconomic environment companies are operating in. On both the long and short sides, stock selection is based on fundamen-tal company analyses, and is also the responsibility of Andrew Gibbs‘ long-standing team members within their assigned sub-portfolios. At meetings, Andrew Gibbs impressed with his macroeconomic observations and statements on the chosen port-folio positions. With the Maga Smaller Companies UCITS Fund founded in January 2015, Andrew Gibbs has achieved an attractive positive return relatively independent of market developments.

1600

1400

1200

1000

800

600

400

200

0

FTSE Gold Mines Index

06/1998 06/2000 06/2004 06/200806/200606/2002 06/2010

1400%

1200%

1000%

800%

600%

400%

200%

0%

-200%

03/2001 03/2005

CIM DIVIDEND INCOME FUNDMSCI AC Asia Pacific ex Japan Performance Index

03/201303/2009 03/2017

250

200

150

100

50

10/2007 04/2008 04/2009 04/2010 04/201110/2008 10/2009 10/2010

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

-2%

MAGA SMALLER COMPANIES UCITS FUND

01/2015 01/2016 01/2017 01/2018


BRU NO CRASTES & VI NCENT CHAI LLEY(H2O Asset Management, Global Macro)

Bruno Crastes and Vincent Chailley can show many years of success with their macroeconomic invest-ment philosophy focusing predominantly on bond and currency markets. After working together at Crédit Agricole Asset Management (now Amundi), they founded H2O Asset Management, with its reg-istered office in London, in 2010. Their macroeconomic analysis is based on three key aspects: the position of the respective asset class in the macro cycle, valuation of individual asset classes and posi-tioning of investors. Bruno Crastes, Vincent Chailley and their team analyse a wide range of data and developments in their assessment. Bruno Crastes and Vincent Chailley have a value bias and invest over a long-term investment horizon in assets that are not correctly valued by the market. In meetings, Bruno Crastes and Vincent Chailley impressed with their comprehensive rational for their respective positions. H2O Allegro, which they manage, has achieved an impressive performance in a volatile market enviroment since its launch in March 2011.

Source: Sauren Fonds-Research AG; Performance 17.10.2008 until 11.08.2017 and 13.04.2018 until 24.08.2018 in EUR

DAVI D ROBERTS(Liontrust Asset Management, Comeback)

David Roberts has many years‘ experience in the global bond markets. He managed the Kames Strategic Global Bond Fund at Kames Capital with consistent success from 2007 to 2017. His invest-ment style is characterised by great flexibility, with sovereign, corporate, high-yield and emerging market bonds all being possible investments as well as holding liquidity. In addition, short positions respectively hedges may be used. The starting point for the portfolio construction is David Roberts‘ macroeconomic view and the relative valuation of various regions and yield curves. On this basis port-folio positions are taken on the yield curve and over-all duration and asset allocation is determined. Individual names are primarily selected by the team members. In early 2018 David Roberts joined Liontrust Asset Management, to continue the strat-egy he established at Kames Capital. Since April 2018 he is managing the Liontrust Strategic Bond Fund from Edinburgh.

110

100

90

80

70

60

50

40


07/2007 07/201010/2008 07/2009

250%

200%

150%

100%

50%

0%

-50%

H2O ALLEGRO

03/2011 03/201403/2012 03/2016 03/201703/2013 03/2015 03/2018

110

100

90

80

70

60

50

40


07/2007 07/201010/2008 07/2009

100%

80%

60%

40%

20%

0%

-20%

TRACK RECORD DAVID ROBERTS (KAMES STRATEGIC GLOBAL BOND FUND & LIONTRUST STRATEGIC BOND FUND)

10/2008 04/2010 10/201410/2011 10/201704/2013 04/2016

Since 2003 the Sauren Fonds-Research AG has been awarding gold medals to the most promising fund managers across a range of categories. Each year the selected fund managers are presented at the Sauren Golden Awards.

In 2018, a total of 148 fund managers received an award:

7 received three gold medals for outstanding fund management

86 received two gold medals for excellent fund management

55 received one gold medal for very good fund management

The awarded fund managers reflect the entire spectrum across the industry. Recipients included managers from large fund management companies and small investment boutiques, renowned names and so far little-known fund managers.

Prize winners were spread across the various categories below:

39 absolute return fund managers 83 equity fund managers 8 balanced fund managers 15 bond fund managers 3 convertible fund managers

A complete overview of all fund managers, being awarded with the Sauren Gold Medals for their per-formance in 2018 can found on the following pages.

Sauren Golden Awards 2018 – medal count

FU N D MANAGER COMPANY CATEGORY MEDALS

Eric Bendahan Eleva Capital Absolute Return (Long/Short Equity) Europe 2

Graham Clapp RWC Partners Absolute Return (Long/Short Equity) Europe 2

David Tovey BlackRock Investment Management Absolute Return (Long/Short Equity) Europe 2

Nicolas Walewski Alken Asset Management Absolute Return (Long/Short Equity) Europe 2

Leopold Arminjon Lazard Asset Management Absolute Return (Long/Short Equity) Europe 1

Thomas Karlovits Blackwall Capital Investment Absolute Return (Long/Short Equity) Europe 1

Gianmarco Mondani GAM Fund Management Absolute Return (Long/Short Equity) Europe 1

Lionel Rayon Schroders Absolute Return (Long/Short Equity) Europe 1

Andrew Gibbs Otus Capital Management Abs. Return (Long/Short Equity) Europe Small Caps 3

T. Hearn & Chr. Fiesser & L. Perry Ennismore Fund Management Abs. Return (Long/Short Equity) Europe Small Caps 2

Moni Sternbach GLG Partners Abs. Return (Long/Short Equity) Europe Small Caps 2

Jamie Carter S. W. Mitchell Capital Abs. Return (Long/Short Equity) Europe Small Caps 1

Paul Marriage & John Warren Schroders / Tellworth Absolute Return (Long/Short Equity) UK 2

Guy Rushton Polar Capital Absolute Return (Long/Short Equity) UK 2

Ben Wallace & Luke Newman Janus Henderson Investors Absolute Return (Long/Short Equity) UK 2

Lilian Co LBN Advisors Abs. Return (Long/Short Equity) Hong Kong / China 2

Fabrice Vecchioli & Edouard Vecchioli Parus Finance Absolute Return (Long/Short Equity) International 3

James Hanbury Odey Asset Management Absolute Return (Long/Short Equity) International 2

Matthew Smith Majedie Asset Management Absolute Return (Long/Short Equity) International 2

Ufuk Boydak LOYS Absolute Return (Long/Short Equity) International 1

Andrew Kurita Heptagon / Kettle Hill Absolute Return (Long/Short Equity) USA 2

Stephen Moore Artemis Investment Management Absolute Return (Long/Short Equity) USA 2

Mike Corcell RWC Partners Absolute Return (Long/Short Equity) USA 1

Dr. Jochen Felsenheimer XAIA Investment Absolute Return (Long/Short Credit) 2

Sofiane Gharred Selwood Asset Management Absolute Return (Long/Short Credit) 2

Barend Pennings Gladwyne Investments Absolute Return (Long/Short Credit) 2

Mark Dowding & Andrzej Skiba BlueBay Asset Management Absolute Return (Long/Short Credit) International 2

Polina Kurdyavko & Anthony Kettle BlueBay Asset Management Abs. Return (Long/Short Credit) Emerging Markets 1

The Sauren Gold Medal Winners 2018


Paul McNamara GAM Fund Management Abs. Return (Long/Short Credit) Emerging Markets 1

Jamie Sherman Kite Lake Capital Management Absolute Return (Event Driven) 2

Bruno Crastes & Vincent Chailley H2O Asset Management Absolute Return (Global Macro) 3

Mark Dowding & Russel Matthews BlueBay Asset Management Absolute Return (Global Macro) 3

Crispin Odey Odey Asset Management Absolute Return (Global Macro) 2

Hervé Hanoune Vontobel Asset Management Absolute Return (Global Macro) 1

Adrian Owens GAM Fund Management Absolute Return (Global Macro) 1

George Papamarkakis North Asset Management Absolute Return (Global Macro) 1

Bernd Ondruch Astellon Capital Partners Absolute Return (Multi Asset) Europe 2

Filippo Lanza Numen Capital Absolute Return (Multi Asset) International 2

Stefan Böttcher Fiera Capital Absolute Return (Multi Asset) Emerging Markets 2

Martin Lau First State Stewart Equity Asia 2

James Morton CIM / Santa Lucia Asset Management Equity Asia 2

Suranjan Mukherjee Fidelity Worldwide Investments Equity Asia 2

Jonathan Pines Hermes Investment Management Equity Asia 2

Elizabeth Soon PineBridge Investments Equity Asia Small Caps 1

Dr. Michael Fischer Medical Strategy Equity Biotechnology 2

Olgerd Eichler MainFirst Asset Management Equity Germany 2

Henning Gebhardt Berenberg Equity Germany 2

Frank Lübberstedt ACATIS / Ehrke & Lübberstedt Equity Germany 1

Stephan Hornung Discover Capital Equity Germany Small Caps 3

Eric Bendahan Eleva Capital Equity Europe 2

Ufuk Boydak LOYS Equity Europe 2

Alex Darwall Jupiter Asset Management Equity Europe 2

A. de Mol van Otterloo & J. Gould Intrinsic Value Investors Equity Europe 2

Olgerd Eichler MainFirst Asset Management Equity Europe 2

Dirk Enderlein Wellington Management International Equity Europe 2

Chris Garsten Waverton Investment Management Equity Europe 2


David Robinson Dalton Capital Equity Europe 2

Hans-Peter Schupp Fidecum Equity Europe 2

David Tovey BlackRock Investment Management Equity Europe 2

Heiko Veit Metzler Asset Management Equity Europe 2

Nicolas Walewski Alken Asset Management Equity Europe 2

Franz Weis Comgest Equity Europe 2

Thorsten Winkelmann Allianz Global Investors Equity Europe 2

Robrecht Wouters J O Hambro Capital Management Equity Europe 2

John Bennett Janus Henderson Investors Equity Europe 1

Cédric de Fonclare Jupiter Asset Management Equity Europe 1

Niall Gallagher GAM Fund Management Equity Europe 1

Leon Howard-Spink Schroders Equity Europe 1

Tom Stubbe Olsen Nordea / Mensarius Equity Europe 1

Oliver Kelton Odey Asset Management Equity Europe (flexible) 3

Frank Fischer Shareholder Value Management Equity Europe (flexible) 2

Stephan Hornung & Christian Struck Discover Capital Equity Europe (flexible) 2

Nicolas Walewski Alken Asset Management Equity Europe Small Caps 2

Lorenzo Carcano Metzler Asset Management Equity Europe Small Caps 1

Stefan Böttcher Fiera Capital Equity Frontier Markets 2

Andy Brudenell Ashmore Equity Frontier Markets 2

Hans-Henrik Skov & James Bannan Coeli Asset Management Equity Frontier Markets 1

John Boselli Wellington Management International Equity Global 2

Michael Boyd GuardCap Asset Management Equity Global 2

Ufuk Boydak LOYS Equity Global 2

Jacob de Tusch-Lec Artemis Investment Management Equity Global 2

James Hanbury Odey Asset Management Equity Global 2

Kristian Heugh Morgan Stanley Investment Mgmt. Equity Global 2

Kurt Kara Maj Invest Equity Global 2

David Dalgas AllianceBernstein Equity Global 1

Benjamin Leyland J O Hambro Capital Management Equity Global 1

Dr. Christoph Bruns LOYS Equity Global (flexible) 2


David Baker & Mark Burridge Baker Steel Capital Managers Equity Goldmines 2

Markus Bachmann Craton Capital Equity Goldmines 1

Joseph Foster Lombard Odier / Van Eck Global Equity Goldmines 1

Georges Lequime Universal / Earth Gold Investments AG Equity Goldmines 1

Mark Costar J O Hambro Capital Management Equity UK 2

Alex Savvides J O Hambro Capital Management Equity UK 2

Lilian Co E. I. Sturdza Strategic Management Equity Hong Kong / China 2

Martin Lau First State Stewart Equity Hong Kong / China 2

Sashi Reddy Stewart Investors Equity India 1

Jonathan Dobson Coupland Cardiff Asset Management Equity Japan 2

Sophia Li First State Stewart Equity Japan 2

Nicholas Price Fidelity Worldwide Investment Equity Japan 2

Ernst Glanzmann GAM Fund Management Equity Japan 1

James Pulsford Alma Capital / Eikoh Research Equity Japan 1

Tadahiro Fujimura Sparx Asset Management Equity Japan Small Caps 2

Glen Finegan Janus Henderson Investors Equity Latin America 1

William Landers BlackRock Investment Management Equity Latin America 1

Dominic St George Stewart Investors Equity Latin America 1

Jelena Rozenfeld Trigon Capital Equity Russia 1

Rajiv Jain GQG Partners Equity Emerging Markets 2

John Malloy RWC Partners Equity Emerging Markets 2

Nick Price Fidelity Worldwide Investment Equity Emerging Markets 2

Aziz Unan Renaissance Asset Managers Equity Emerging Markets 2

Philippe Langham RBC Global Asset Management Equity Emerging Markets 1

Wojciech Stanislawski & Emil Wolter Comgest Equity Emerging Markets 1

Bill Miller & Samantha McLemore Miller Value Partners Equity USA 2

Stephen Moore Artemis Investment Management Equity USA 2

Cormac Weldon Artemis Investment Management Equity USA 2

Adrian Brass Majedie Asset Management Equity USA 1

Duilio Ramallo Robeco Equity USA 1

Jeff James Heptagon / Driehaus Equity USA Small Caps 2


Cormac Weldon Artemis Investment Management Equity USA Small Caps 2

Christopher Berrier & David Schuster Brown Advisory Equity USA Small Caps 1

Steven Pollack Robeco Equity USA Small Caps 1

Mark Sherlock Hermes Investment Management Equity USA Small Caps 1

Nicolas Schmidlin & Marc Profitlich Universal / ProfitlichSchmidlin AG Equities and Bonds 2

Henrik Muhle & Dr. Uwe Rathausky ACATIS / GANÉ Equities and Bonds 1

Dr. Bert Flossbach Flossbach von Storch Multi Asset 2

Klaus Kaldemorgen DWS International Multi Asset 2

Asbjoern Trolle Hansen Nordea Multi Asset 2

Martin Brückner First Private Investment Management Multi Asset 1

James Elliot & Shrenick Shah J.P. Morgan Asset Management Multi Asset 1

Albrecht von Witzleben Deutsche Aktien Total Return Multi Asset 1

Ariel Bezalel Jupiter Asset Management Bond Global (flexible) 2

Dr. Michael Hasenstab Franklin Templeton Investments Bond Global (flexible) 2

Fraser Lundie & Mitch Reznick Hermes Investment Management Bond Global (flexible) 2

Richard Woolnough M&G Investments Bond Global (flexible) 2

David Roberts Liontrust Fund Partners Bond Global (flexible) 1

Mark Dowding BlueBay Asset Management Government Bonds 3

Dietmar Zantke Zantke Asset Management Corporate Bonds 2

Sandro Näf Nordea / Capital Four High Yield Bonds 1

Per Wehrmann DWS International High Yield Bonds 1

Dr. Michael Hasenstab Franklin Templeton Investments Emerging Market Debt 2

Denise Simon & Arif Joshi Lazard Asset Management Emerging Market Debt 1

Sören Bertelsen BankInvest Emerging Market Corporate Bonds 1

Cornel Bruhin MainFirst Asset Management Emerging Market Corporate Bonds 1

Polina Kurdyavko & Anthony Kettle BlueBay Asset Management Emerging Market Corporate Bonds 1

Warren Mar Morgan Stanley Investment Mgmt. Emerging Market Corporate Bonds 1

Nathalia Barazal Lombard Odier Investment Managers Convertible Bonds 1

Anja Eijking BMO Global Asset Management Convertible Bonds 1

Thorsten Vetter Flossbach von Storch Convertible Bonds 1

The decision-makers behind the Sauren Gold Medals

A qualitative rating is only ever as good as the skills and expertise of those assessing the fund managers’ potential. Many years of investment experience for all those involved are essential to this task, as this is the only way that meetings can be conducted with the required specialist compe-tence and depth. Sauren Portfolio Management’s four-person team of experts is more than up to this requirement. The analysts can also draw on the experience gained from over 6,000 individual meetings with promising fund managers.

The Sauren Portfolio Management Team has been working as an unchanged unit for over 18 years. The high level of stability in the set-up of the team means that follow-up meetings can be held by the same person and any changes are reliably recorded. The well-established cooperation between team members also makes the procedures extremely efficient and means that discussions are objective when assessing fund managers.

ECKHARD SAU RENFund Manager

HERMANN-JOSEF HALLDipl.-Kaufmann and Dipl.-Informatiker

ANSGAR GUSECKDipl.-Volkswirt

MATTHIAS WEINBECKDipl.-Kaufmann

Fondspersönlichkeit 2018(Fund Personality 2018)

The award given to the “Fund Personality of the Year” is established as a particular honorary award. The recipient is selected by a jury of renowned independent experts who combine in-depth knowledge of the fund industry and a a variety of perspectives: its members are Hans Heuser (Editor in Chief of “FONDS professionell” and “Institutional Money”), Eckhard Sauren and Björn Drescher (Editor in Chief of “Fonds Scout” and “Fonds im Visier”). This honorary award goes to a person who has made a particular name for himself on the topic of invest-ment funds and in the investment fund world.

PETER E. H U BER(2018 Fund Personality of the Year)

Peter E. Huber started his career in finance as an analyst at a private bank, after studying business administration. In 1981, aged 30, he founded a wealth management company, independent of banks, which was a real pioneering achievement at the time. After differences between the partners, Peter E. Huber left the firm and built up a new asset management company from 2000. His successful investment style is the foundation of his business success. Peter E. Huber is a prime example of an active investor. He operates without any benchmark orientation, using a combination of value-based investing and anti-cyclical investment decisions. Peter E. Huber is one of the few fund managers who can look back on decades of success in both equi-ties and bonds. Investors with patience and strong nerves were rewarded with impressive results. Peter E. Huber also started a department for capital market research in his company, where he and his

colleagues try to understand long-term relations in capital markets through comprehensive studies and analysis. Peter E. Huber is one of the most popular sources for quotes among the German media, and is also a popular participant in round-table discus-sions, which he always enriches through his strong opinions. In his attitude and career, Peter E. Huber is a role model for long-term successful, active fund management and independent entrepreneur-ship. Given his outstanding work establishing and expanding the German fund management industry over almost four decades, Peter E. Huber is a worthy winner of the “2018 Fund Personality of the Year” award.

Fondspersönlichkeit 2018(Fund Personality 2018)

golden awards 2018€¦ · environment with numerous unpredictable state-ments and actions in the...

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