The FSA Spy market buzz – 20 December 2024
Merry Christmas! The Year in Funds; Nuclear; Mag-7; Small Caps; Robotics; Bitcoin; Large Cap Growth; US Manufacturing; AI; Big Data; Lithium Batteries; Emerging Markets; Warfare and much more.
The lead manager of the Blackrock product is Gordon Fraser, who took over the fund in 2017 after Luiz Soares left the firm, according to Daniels. Before managing the emerging markets fund, Fraser was responsible for Blackrock’s Emerging Frontiers strategy, which is a hedge fund having a similar investment universe.
Daniels said that Fraser already delivered strong returns for the hedge fund, adding that his experience may have influence on how he manages the emerging markets fund.
“Frasers’ days as a hedge fund manager may explain why he is very nimble with shifting the portfolio,” he said.
Daniels noted that while Andrew Swan, who leads Blackrock’s global emerging markets fundamental equities team, is also a named co-manager of the emerging markets fund, he is not involved in managing the fund on a day-to-day basis.
Fraser is supported by 25 global emerging market analysts, with dedicated analysts in Asia and Latin America.
Turning to the JP Morgan fund, Daniels said that the product is led by Leon Eidelman, who joined the firm in 2002.
Although Eidelman was named as lead manager in 2016, he has been the primary decision maker of the fund since 2015, when he was promoted to co-manager with Austin Forey.
Forey continues to be a named co-manager of the product, although he is more of a back-up manager and is more focused in managing the closed-end version of the emerging markets fund, according to Daniels.
Eidelman is supported by around 100 people on the emerging markets and Asia-Pacific equities team.
Morningstar’s Daniels does not have any concerns about the managers of either fund, noting that they are experienced and have track records delivering strong returns.
However, he has some concerns about personnel departures on Blackrock’s analyst team. For example, the team lost two Latin America analysts in December 2018, though the firm has already filled one opening and is seeking a replacement for the other.
Merry Christmas! The Year in Funds; Nuclear; Mag-7; Small Caps; Robotics; Bitcoin; Large Cap Growth; US Manufacturing; AI; Big Data; Lithium Batteries; Emerging Markets; Warfare and much more.
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