This content is best viewed on a larger screen.
Asia Pacific excl. Japan Asia Pac Small & Med Cies China Emerging Markets Asia Europe Global Global Emerging Markets Global Equity Income Global Themes India Japan Singapore Technology US US Small & Mid Cap
Asia Pacific excl. Japan Asia Pac Small & Med Cies China Emerging Markets Asia Europe Global Global Emerging Markets Global Equity Income Global Themes India Japan Singapore Technology US US Small & Med Cies
Judy Leong Maybank Asset Management
Allianz Global Investors
BlackRock
Maybank Asset Management
Brad Gibson & Jenny Zeng AB
AB
Fullerton Fund Management
Eric Liu & Artur Piasecki BlackRock
Bryan Collins Fidelity International
Peter Eerdmans & Wilfred Wee Ninety One
Fidelity International
HSBC Global Asset Management
Ninety One
Asia Pacific Hard Currency Asia Pacific Local Currency Chinese Yuan EM Global Hard Currency Global Global Flexible Global High Yield US Dollar
Bonds Equity Property
Aberdeen Standard Investments
AXA Investment Managers
J.P. Morgan Asset Management
Neuberger Berman
Rick Patel Fidelity International
Andrew Norelli J.P. Morgan Asset Management
Lorenzo Pagani PIMCO
Legg Mason
PIMCO
PineBridge Investments
Andrew Balls & Sachin Gupta PIMCO
Roberto Coronado PineBridge Investments
Laurent Crosnier Amundi
Peter Khan Fidelity International
Robert Vanden Assem & John Yovanovic PineBridge Investments
Patrick Vogel Schroders
Manulife
Tom Ross Janus Henderson
Janus Henderson
Gershon Distenfeld, Paul DeNoon, Douglas Peebles & Matthew Sheridan AB
John Kerschner, John Lloyd & Seth Meyer Janus Henderson
Mark Kiesel, Scott A. Mather & Mihir Worah PIMCO
Scott Smith & Jonathan Terry Wells Fargo
Schroders
Dhananjay Phadnis Fidelity International
Comgest
Mark Davids J.P. Morgan Asset Management
Oliver Cox J.P. Morgan Asset Management
Charlie Linton Ninety One
Toby Hudson Schroders
PineBridge
Nicholas Yeo Aberdeen Standard Investments
Howard Wang J.P. Morgan Asset Management
Greg Kuhnert Ninety One
Bin Shi UBS Asset Management
UBS Asset Management
Krishna Kumar Eastspring Investments
Teera Chanpongsang Fidelity International
Kok Fook Meng Lion Global Investors
Louisa Lo Schroders
APS Asset Management
Lion Global Investors
Arnaud Cosserat & Laurent Dobler Comgest
Franz Weis Comgest
Eva Fornadi Comgest
Fabio Riccelli Fidelity International
Goldman Sachs Asset Management
Dev Chakrabarti & Mark Phelps AB
David Dudding Colombia Threadneedle Investments
Katherine Davidson & Charles Somers Schroders
Alex Duffy Fidelity International
Anuj Arora, Sonal Tanna & Richard Titherington J.P. Morgan Asset Management
Geoffrey Wong UBS Asset Management
Amundi
Newton Investment Management
Stephan Werner DWS
BNP Paribas Asset Management
DWS
Marco Ravagli DWS
First State Investments
Ajay Tyagi UTI
Makoto Egami, Richard Kaye & Chantana Ward Comgest
Capital Group
Nicholas Price Fidelity International
Ichiro Kosuge Goldman Sachs AM
Shoichi Mizusawa, Miyako Urabe & Nicholas Weindling J.P. Morgan Asset Management
Wee Ban Yew Lion Global Investors
Erica Lau Lion Global Investors
Nikko Asset Management
Yeu Huan Lai Nikko Asset Management
Samantha Lau & Lei Qiu AB
James Cross, Jonathan Curtis & JP Scandalios Franklin Templeton Investments
Franklin Templeton Investments
James Tierney AB
Aditya Khowala Fidelity International
Harris Associates
Robert F. Bierig, Anthony Coniaris & Colin Hudson Harris Associates
Michael T. Smith & Christopher J. Warner Wells Fargo
Joseph M. Eberhardy & Thomas Ognar Wells Fargo
Loomis Sayles & Company LP
Nicolas Janvier Columbia Threadneedle Investments
Timothy Parton & Eytan Shapiro J.P. Morgan Asset Management
Benjamin Nahum Neuberger Berman
Judith Vale Neuberger Berman
Guy Barnard & Tim Gibson Janus Henderson
Hugo Machin & Tom Walker Schroders
Global Equity
click to choose an asset class
click to choose a sector
Asia Pacific Hard Currency
manager nominee shortlist
Judy Leong is responsible for all Asia local and hard currency fixed income investments, including Islamic sukuk, at Maybank Asset Management. She has had 18 years of investment experience. Leong started managing Singapore bonds and Asian asset-backed portfolios in 2002, followed by Asian USD credit in 2005 and Asian local currency credit from 2009. Prior to a career in fixed income portfolio management, she worked as an equity analyst and a structured credit analyst. Her previous employers included BNP Paribas Investment Partners, FFTW and Deutsche Bank. Leong graduated with a distinction in MBA finance from Cass Business School in London. She holds a Bachelor of Business Administration from the National University of Singapore and is a CFA charterholder.
17.1
bn
years
months
winner
biography
3-YEAR MANAGED PERFORMANCE (USD)
group nominee shortlist
assets under management (usd)
sector size (usd)
manager experience in the sector
funds available in singapore
Asia Pacific Local Currency
Brad Gibson is the co-head of the Asia-Pacific fixed income team at AllianceBernstein. He was previously head of rates strategies at ING Investment Management Australia, where he was responsible for the management of a range of domestic, international, diversified, nominal and inflation-linked bond portfolios. Gibson was previously a member of both the interest-rate options and bond committees of the Australian Financial Markets Association and has lectured on fixed income portfolio management for the Securities Institute of Australia.
6.7
winners
biographies
Jenny Zeng is a portfolio manager for the Asian Credit portfolios and head of credit research in Asia at AllianceBernstein. She specialises in Greater China and India corporate credits. Prior to joining the firm in 2013, Zeng was at Citigroup for seven years, most recently serving as a vice-president and credit-sector specialist, covering Asian corporate credit. She was ranked as one of the top three research analysts for overall credit research in the Asiamoney Fixed Income Poll during her years with Citigroup. Zeng holds a master’s in economics from the University of International Business and Economics (China). She is a CFA charterholder.
Chinese Yuan
1.2
Fullerton
Emerging Markets Global Hard Currency
40.7
Global
71.3
Global Flexible
96.3
Tom Ross currently co-manages Janus Henderson’s Horizon Global High Yield Bond, Horizon Euro High Yield Bond and Global High Yield Bond funds. He describes his investment style as fundamental and invests in his own strategies and uses derivatives obtaining a turnover between 35% and 50%. Ross graduated from university with a degree in biology and holds the Investment Management Certificate and the CFA designation.
41.2
Global High Yield
39.8
US Dollar
36.9
Asia Pacific Excluding Japan
3.5
Asia Pacific Small & Medium Companies
30.6
China
5.6
Emerging Markets Asia
44
Europe
David Dudding Columbia Threadneedle Investments
74.3
47.6
Global Emerging Markets
18.9
Global Equity Income
4
Global Themes
8.9
India
Ajay Tyagi is an executive vice president and fund manager in the equity fund management team at UTI. He manages both offshore funds and onshore mutual funds with assets under management of approximately $2bn. He joined UTI in 2000 as an equity analyst tracking the IT, telecom and media sectors. Subsequently he became an assistant fund manager in the offshore funds division and later a fund manager for offshore funds. Tyagi is a CFA charterholder and also holds a master’s degree in finance from Delhi University.
In association with
An Unconstrained Approach to Managing Risk in India
Navigating uncertainty In our 14 years of investing in India, PineBridge Investments has consistently focused our stock selection on strong fundamentals, management capability, and valuations. This emphasis on long-term business sustainability translates into an unconstrained, high-active share portfolio in a market dominated by a few large caps. In today’s uncertain market, we believe such a portfolio has the advantage of having flexibility to navigate opportunities and risks across market capitalization ranges and sectors to position the portfolio for the eventual recovery and beyond. Our investment process focuses on fundamental bottom-up stock picking. In an emerging market like India where risks are galore, a deep understanding of the businesses that one is investing is key. The strength of the business model, the quality of the people running the business, the valuation are the three most important criteria we look for. In other words, we look for businesses that are inherently strong to withstand a storm. We make sure there is capable and trustworthy management in place, and that the price we pay is justifiable. If one goes with broad macro-economic trends, one may end up investing in flawed business models (even in a growth sector) or in historically successful business models (example, index stocks) that may/may not have the same advantages going forward. While the macro picture may look daunting in the near term, we believe this time-tested, company-by-company stock selection approach enabled by our robust on-the-ground presence in India will offer more resiliency to a portfolio and capture mispricing opportunities – delivering meaningful alpha to patient investors.
DISCLAIMER All investments involve risks, including the loss of principal amount invested. Past performance is not indicative of future results. Any views expressed represent the opinion of the manager and are subject to change. This document does not constitute any investment advice or an offer to sell or buy or a recommendation for securities. We are not soliciting or recommending any action based on this material. In Hong Kong, this document is issued by PineBridge Investments Asia Limited, a company incorporated in Bermuda with limited liability. This document has not been reviewed by the Securities and Futures Commission (SFC). Investors should note that the website www.pinebridge.com and any other website referred to in this document have not been reviewed by the SFC and may contain information of funds not authorized by the SFC. In Singapore, this document is issued by PineBridge Investments Singapore Limited (Company Reg. No. 199602054E), licensed and regulated by the Monetary Authority of Singapore (MAS). This advertisement or publication has not been reviewed by the MAS. Investors should note that the website www.pinebridge.com and any other website (including any contents therein) referred to in this document have not been reviewed or endorsed by the MAS.
The Indian equity markets have not been immune from the coronavirus pandemic. The anticipated drop in demand from the lockdown imposed in March is likely to affect Indian corporate earnings in the short term with significant implications on investors.
14.1
Japan
2
Singapore
26.2
month
Technology
42.3
US
US Small & Medium Companies
3.1
Weathering the Storm in Asian Small Caps with Strong Fundamentals
The uncertainty over the coronavirus pandemic’s impact on Asian companies has only underscored our long-held investment focus on exceptional fundamentals. As demand loss from lockdowns and disruptions threaten some Asian companies’ earnings, disciplined stock selection becomes a portfolio’s first line of downside defense. Companies with robust business models (for example, companies with dominant industry positions or are indispensable in global supply chains and thus enjoy more resilient demand than others), strong management, and reasonable valuations should be in a better position to ride out contractions. At PineBridge, we have consistently applied a fundamental, bottom-up approach in stock selection in Asian equities. We manage concentrated portfolios with high active share. We know our companies from the inside out and it is this knowledge that gives us confidence in our investments’ outcome over the long run. While uncertainty will likely prevail in the short term, Asian equity valuations may become attractive opportunity again on both an absolute and a relative basis, providing a compelling entry point for long-term investors. In the often-overlooked Small Cap segment, we expect select opportunities as volatility gives rise to mispricing, and local presence will be key to uncovering them. Over the long term, we expect our Small Cap portfolio companies will benefit from secular trends in Asia that will drive growth after the coronavirus outbreak is over - urbanization, automation, environmental and energy, technological innovation, and others. To capture resilient opportunities, disciplined stock selection approach is important at this time. We believe a consistent, time-tested investment process focused on strong fundamentals and a long-term investment horizon, will offer downside protection and gear up a portfolio for the coming recovery.
Identifying thematic bond risk for the year ahead
DISCLAIMER This has been prepared solely for informational purposes and does not constitute (1) an offer to buy or sell or a solicitation of an offer to buy or sell any security or financial instrument mentioned in this document and (2) any investment advice. Investors should be aware of the risks involved when investing in any investments. Please seek clarification on potential risks that may arise prior to any decision made to invest in any investments. The opinions, analysis, forecasts, projections and/or expectations (together referred to as “Information”) contained herein are inputs provided by entities within Maybank Asset Management Group which have been obtained from sources believed to be reliable and are based on the technical investment expertise. Maybank Asset Management Group makes no representation or warranty, expressed or implied that such Information is accurate, complete or verified and should not be relied to as such. The Information contained herein are published for the recipients’ reference only and is subject to change without notice. Maybank Asset Management Group accepts no liability for any direct, indirect or consequential loss arising from use of this presentation. No part of this presentation may be distributed or reproduced in any format without the prior consent of Maybank Asset Management Group. This Fund is not registered in Hong Kong and the above information is prepared solely for informational purposes. The Citywire Singapore Awards 2020 does not constitute as an offer to buy or sell or a solicitation of an offer to buy or sell any security or financial instrument mentioned in this Citywire Hong Kong Awards 2020 or any investment advice. Investors should seek financial or any relevant professional advice regarding the suitability of investing in any securities or investments based on their own particular circumstances and not on the basis of any recommendation in this Citywire Hong Kong Awards 2020.
Success comes from teamwork and sharing resources.
Judy Leong
Regional Co-Head of Fixed Income, Maybank Asset Management
Maybank Asset Management is not Asia’s largest investment manager, admits Judy Leong, regional co-head of fixed income. Even so, a sound investment process, a close-knit investment team and efficient use of resources led to the Citywire Asia award in the Asia Pacific Hard Currency Bond category. Leong believes that implementing a Thematic Radar Overlay as part of their investment process across portfolios played a big role in generating outstanding returns. ‘We look for key themes we feel will influence the market for the year ahead and we position in advance for the theme to play out,’ says Leong. In 2018, she and her team felt that US Federal Reserve would continue its 2017 tightening footprint, identifying higher interest rates as the thematic risk for the year. Portfolio durations were cut, long-end bonds sold and replaced with three-year maturities. The team even increased cash holdings to 40% to avoid a bond sell off. In dollar terms, the move worked, minimising drawdowns relative to the JACI index. The Fed signalled continued tightening early in 2019. Leong and the team felt that the US-China trade war presented a bigger threat on the thematic radar. ‘If there is a pullback in economic growth, it would impact the US as well and eventually US will stop hiking interest rates,’ says Leong. With bond yields already attractive due to the bond sell-off in 2018, the team switched track and went overweight duration by adding long-end bonds. Again, Maybank Asian Income beat the index. ‘Avoiding default risks is key to bond investments. As long as you have a five-year horizon and you focus on avoiding bond defaults, you should be able to average 5% returns per annum on your bond investments without taking too much risk,’ says Leong. She relies on her credit research team across Singapore, Malaysia and Indonesia to provide on the ground coverage to avoid default risks. The credit team also utilises an internal rating model to generate independent credit ratings. Ratings can be created within half a day, improving the credit team’s efficiency. The majority of bond issuers are also listed on stock exchanges, so the Asian Income team regularly leverages on information and research provided by their equity colleagues as part of their investment decisions.
"Avoiding default risks is key to bond investments"
A fast response In response to the COVID-19 crisis and the sharp bond sell-off, Leong replies: ‘Central banks and governments have acted faster this time. They set up direct corporate bond purchase programmes to keep markets open and announced record stimulus programmes.’ She is cautiously optimistic that most default risks have been priced in. ‘With valuations attractive, we have gradually added back risk. We have halved our cash levels compared to late March,’ she adds. Leong has another reason for optimism on a medium-term horizon. ‘If you calculate the returns of credit bond indices, historically on a three-year rolling basis, 99% of the time the returns has been positive. Given the higher bond yields currently, history would suggest that bond investors are positioned for attractive returns ahead.’
I. CITYWIRE BEST FUND MANAGER AWARDS
Best Fund Manager Awards go to the individual fund manager generating the highest risk-adjusted returns in a particular sector over the past three years to 31 December 2019 in Hong Kong or Singapore (respectively). These are based on the individual track records for all funds they have run in the sector over this period. Our ratings methodologies are actuarially approved by AKG Actuaries & Consultants.
II. CITYWIRE BEST GROUP AWARDS
To win an award, groups must go through the Citywire Group Ratings methodology, which puts them against the best talent in an investment sector. The winner is the top fund group available to investors in Hong Kong or Singapore. How does it work? Citywire Group Ratings recognise the expertise of the group as a whole in managing money in specific investment sectors over seven years. This rewards the depth of talent that sits at the core of the best asset management houses. For these awards, the time period used is Dec 2012 – Dec 2019. We filter to include only the group’s strategies that are registered for sale in Hong Kong or Singapore. This provides the best platform to reward the best groups in Hong Kong or Singapore. Our unique, quant-based methodology ensures fair and transparent scrutiny of the capabilities of each fund group, and allows for comparison between boutiques and global giants. The key components of the methodology are:
Awards methodology
Every fund manager that has managed money for three years or more counts towards the Citywire Fund Group Rating in every sector they are eligible for.
MANAGER EXPERIENCE
The analysis period covers seven years. Within this time frame, the average of the manager’s rolling three years risk-adjusted performance in the sector is calculated. This is weighted based on the period of activity during the time frame. The more we know about the managers the better, meaning consistency of outperformance and experience are rewarded.
THE LONGER THE BETTER
Managers must add value above their benchmark over this time period. How much they outperform gives them a manager score.
Outperformance
Managers are attributed a small bonus for managing considerable assets in a sector.
HANDLING MONEY
All managers in the fund group active in that sector, who fulfil the criteria, have their scores averaged to produce a group score.
SCORING THE GROUP
