HEAD-TO-HEAD: Blackrock vs Bluebay

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The Blackrock fund is managed by a large team, composed predominantly of ten portfolio managers, supported by 70 credit analysts focused on corporate credit across investment-grade and high yield bonds.

The lead manager of Blackrock’s fund is Tom Mondelaers, who became manager of the fund in 2009. He is supported by financial specialist Jozef Prokes who joined the team in 2010.

Prokes focuses on financials while Mondelaers looks at the remaining sectors. Dash noted that this represented a clearer division of responsibilities, compared to Bluebay.

“There is a good number of portfolio managers in the [Blackrock] team, which is stable and experienced in managing the fund,” Dash said.

The fund also works closely with other fixed income strategy teams within the firm, as well as leveraging their home-grown analytics tools.

The Bluebay fund underwent a change in management in 2015. Lead manager Raphael Robelin, who helped set up the fund, stepped into the role of chief investment officer, leaving more responsibility to the two other managers, UK-based Marc Stacey and US-based Andrzej Skiba.

However, Robelin’s top-down market calls are still heavily influential on the fund, Dash noted.

The Bluebay fund is supported by the firm’s investment-grade credit team. Managers Marc Stacey and Tom Moulds work with the team which includes nine sovereign and credit portfolio managers, six credit analysts and four traders.

“This is one of the most stable teams we’ve covered. There was only one departure of an analyst recorded in recent years,” Dash added.

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