Posted inHead To Head

HEAD-TO-HEAD: Axa vs Pimco

FSA compares two inflation-linked bond funds: the Axa World Funds Global Inflation Bonds Fund and The Pimco GIS Global Real Return Fund.
by Fund Selector Asia
Manager review

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Despite having prominent fund managers at the helm, both funds are managed in a collegial style, Dobrescu noted.

Marion Le Morhedec, who managed the Axa fund since inception, moved to a different role in the firm in the late 2016, leaving the fund in the hands of her long-term deputy manager Jonathan Baltora, who joined the team in 2010.

While the change is significant, Dobrescu said she maintained her confidence in the continuity of the management. “[Baltora] has a very good handle on the portfolio, knows all the positions and is really able to articulate the strategy very well,” she said.

Baltora is supported in his role by the rest of the eight-person global rates and inflation team.

The lead manager of the Pimco fund is Mihir Worah, a “Pimco veteran” who was one of the key people promoted in the wake of the departure of the superstar fund manager Bill Gross in 2014. Worah was named one of the six deputy CIOs in the flat structure the firm adopted after Gross’s departure.

“We are very happy with the quality of this duo [of Worah and co-manager Jeremie Banet],” Dobrescu said, and its third member Michael Althof. They also rely on Pimco’s large resources for quantitative work and derivatives management, used in the fund’s bond-plus tactics.

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