Hofmann, Tobias Kohls and Martin Hermann
Hofmann (pictured), Kohls and Hermann have earned their first Citywire AA ratings for their three-year risk-adjusted numbers to the end of February on the small but impressive AllianzGI International Growth fund.
At just $20 million, the fund is clearly not on the radar for many investors. It has a significant overweight to technology at 32.6%, as its benchmark, the MSCI AWCI ex-US index, allocated just 11.50% to the sector as of December 31, 2017.
In the fund’s most recent annual report, top contributing stocks for performance were Danish transport and logistics company DSV, followed by German semiconductor manufacturer Infineon Technologies.
- Sector manager ratio: 0.74
- For three years they rank: 6/104
Zhu has left most of his peers in the dust on the way to achieving his first Citywire AAA rating. As of December 31, 2017, the DuPont Capital Emerging Markets fund had a concentrated portfolio of 168 issues, while its benchmark, the JPMorgan EMBI Global Diversified index, held a total of 643.
The fund uses a seven-factor credit model for each country, assigning them to mature, stable, risky, or distressed credit categories. Valuation metrics are then applied to each country, labeling them undervalued, fairly valued or overvalued, and allocation decisions are made accordingly.
At the end of the fourth quarter of 2017, the fund was overweight Brazil – with a 12% allocation compared with the benchmark’s 3.3% – and Ukraine, with a 7.6% position versus the benchmark’s 2.7%.
- Sector manager ratio: 1.02
- For three years they rank: 5/80
Ellenbogen has been rated every month for the past three years for his risk-adjusted returns, achieving an AA or AAA rating for more than half of that time. He returned to the top rating in March for his performance on the $22.6 billion T. Rowe Price New Horizons fund.
A mixture of long-term holdings – such as the fund’s largest single position, Vail Resorts, which Ellenbogen has owned since 2010 – and off-benchmark bets including private equity positions in delivery group Grubhub and software maker Atlassian has helped him stay ahead of the pack.
Both of the latter two holdings were top contributors for the fund in 2017, according to Ellenbogen’s most recent annual report.
- Sector manager ratio: 0.99
- For three years they rank: 13/188