Brian Selmo and Mark Landecker, Flexible Portfolio
Selmo and Landecker have landed their first ever Citywire AAA-rating for their risk-adjusted performance managing the $17.4 billion FPA Crescent fund, which they run alongside star manager Steven Romick.
The fund has no limits on which asset classes, geographies and market caps it can invest in, but has a disciplined value approach wherever it goes.
The fund’s stated aim is to offer equity-like returns, despite its cash and bond positions, but with less risk than the broader market. Selmo and Landecker’s stellar rating suggests it is achieving this goal.
Sector manager ratio: 0.49
For three years they ranked 11/209
Verena Wachnitz, Latin America
Wachnitz has gained her first Citywire rating in the first month she was eligible to do so. Although the fund’s total returns are not huge at 1.4%, they are well ahead of her peer group’s average, which was down 7.3%.
The fund has a 17.4% weighting to Mexico, underweight compared with its relevant benchmark, the MSCI Emerging Markets Latin American Index, which holds a 25.3% weighting. Its largest allocation, to Brazil, is in line with the index at 61.3%, but it is overweight Peru with an allocation of 5.6% compared with the index’s 2.8%.
Sector manager ratio: 0.26
For three years they ranked 1/6
Scott Romans, Bonds - California Municipal Debt
The Nuveen California Municipal Bond fund has been managed by Romans since 2003. The manager has maintained a Citywire AAA-rating every month of the past three years. Although munis have been a good place to be during those years, he is well ahead of the average manager in his sector on a total return basis, up 17% versus 12.6%.
The fund currently has a larger allocation toward shorter-maturity bonds compared with its benchmark, which has a 63.9% allocation towards bonds of 20-to-30-year maturity dates.
Sector manager ratio: 1.77
For three years they ranked 1/38