The FSA Spy market buzz – 13 December 2024
M&G’s positive outlook; Wisdom from Schroders’s podcast; Alliance Bernstein on the power of curiosity; Janus Henderson on responsible AI; China’s retirement revolution; Apple and much more.
HEAD-TO-HEAD: Blackrock vs Legg Mason
FSA compares two Asia fixed income funds: the BGF Asian Tiger Bond Fund and the Legg Mason WA Asian Opportunities Fund.
Ng has a clear preference for the Blackrock fund. “It is one of the best among Asian fixed income funds,” he said.
The Blackrock team is focused on relative value in their credit selection. “Of the two funds, the Blackrock fund delivers returns both from capital appreciation and from income generation in a less volatile style,” he added (The three-year annualised volatility of the fund is 3.81 compared to Legg Mason’s 7.22, as per data from FE).
However, he noted that due to a different focus on currencies, the Legg Mason fund can outperform in an environment where local Asian currencies are strengthening with respect to the US dollar, as has been the case so far in 2017.
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