HEAD-TO-HEAD: Amundi versus Pimco

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Manager review

“The Pimco fund has a much broader and experienced support than the Amundi product,” said Dobrescu.

First, there’s been greater continuity at Pimoc, with Dan Ivascyn, long-time head of the firm’s mortgage credit effort, calling the shots since the strategy’s 2007 US inception, and he has worked alongside co-pilot Alfred Murata since 2013.

“The duo can count on a top-notch analyst team, particularly a mortgage group that includes roughly 50 real-estate specialists. These have been crucial to this fund given the esoteric nature of the mortgage market’s subgroups and structures,” said Dobrescu.

In contrast, the Amundi fund has suffered bouts of personnel turnover.

Historical portfolio manager Hervé Hanoune left in 2014, handing the fund over to Laurent Crosnier. Myles Bradshaw, who joined Crosnier as co-manager in 2015, left in 2019 and has not been replaced, leaving Laurent Crosnier as sole manager of the fund.

“Overall, while Crosnier brings extensive experience here, and provides some continuity, the dust must still settle before we can build any conviction in this team’s merits,” said Dobrescu.

Following the merger between Amundi and Pioneer in 2017, the global fixed-income team — which previously had staff located in London, Durham, New York, Singapore and Kuala Lumpur — was centralised in London, and downsized from 26 to 19 members.

“Our concerns around resources are reflected in the ‘average’ people rating (compared with ‘high’ for Pimco,” said Dobrescu.

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