Manager Review
The Amundi fund’s team is headed up by Anthony Ho, who joined the firm in October 2015, having held senior positions in various firms including CIFM and JP Morgan, she said. The lead portfolio manager for the fund is Terence Khoo, who joined the firm in November 2012.
“The fund is supported by the lead portfolio managers for other funds as well as country specialist analysts and quantitative research analysts.”
The MFS Meridian fund is managed collaboratively by a team of 13 analysts and general oversight responsibilities are assigned to John Tsai and Sanjay Natarjan, who facilitate the discussion among analysts and oversee the portfolio’s exposure to risk, such as country, sector and tracking error, she said.
“Analysts are organised according to sectors and can either remain as career analysts or move to a portfolio manager role should they wish to. Each analyst carries out independent research and collaborates with colleagues in the same sector in other regions, as well as in credit or quantitative research.
“Being one of the firm’s analyst-run portfolios, this fund is supported by a team of very senior career analysts, who will debate with each other the relative attractiveness of their own recommended stocks and invest in their highest conviction ideas.”
Fees
In terms of annual management fees, the Amundi fund is 1.85% and the MFS fund is 1.05%, Li said.
The ongoing charge (OCF) for the Amundi fund is 2.40% and the MFS fund is 2.05%.
“The higher charge of the Amundi fund is a reflection of its more active style,” she said.
The Amundi fund’s OCF is higher than that of rival funds, but the MFS fund’s number is in line with peers, she added.
Conclusion
Both Amundi and MFS are global institutions with a long presence in Asia, Li said.
“Both funds take a fundamental approach. Comparatively, the MFS fund is smaller with a more stable team and longer holding period for its positions, whilst the Amundi fund is arguably better resourced, especially with local joint partners on the ground. It is also more actively traded and there has been a few significant senior personnel changes in more recent years at Amundi, which could explain the improvement in the performance.
“The MFS fund could appear a bit boring and the Amundi fund could appear a bit impatient. The decision for investors is ultimately down to the preference of style,” she added.
