HEAD-TO-HEAD: Fidelity versus UBS

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Manager review

Tae Ho Ryu and Terrence Pang took over as joint lead managers of the Fidelity fund after predecessor and prior head of Asian fixed-income Bryan Collins left the firm in July 2020. Ryu has 14 years of investment experience and joined Fidelity in 2010, while Pang began his career at Fidelity as a credit analyst in 2013. The duo spent nine and six years, respectively, working in those capacities at this strategy prior to their promotions.

Both managers are less experienced than Collins, having been promoted to assistant portfolio managers in July 2019 and then comanagers of this strategy in February 2020, prior to taking the helm.

“Short-term results are encouraging under the new lead managers, who continued to sustain the strategy’s strong results,” said Ge. “However, they have yet to demonstrate their investment capabilities over a longer time period and under different market environments.”

Peter Khan, who manages Fidelity’s Global High Yield strategy, has been comanager here since January 2019 but is not closely involved in the strategy’s day-to-day decision-making. Management is supported by a well-resourced 10-member research team (further aided by five research specialists and two investment graduates) that averages nine years of investment experience.

Ross Dilkes has been a “steady presence” at the UBS strategy since its 2011 inception, having supported it first as its deputy manager before taking the helm in September 2018, said Ge.

He joined UBS in 2005, starting out as a credit analyst in London before moving to Asia in 2009, and has 15 years of investment experience which includes more than a decade of covering Asian credits.

“Dilkes is a liquidity-prudent and valuations-driven investor, and his investment approach has translated to impressive track records across his suite of managed Asia credit strategies,” said Ge.

Smit Rastogi is the day-to-day deputy manager of the fund, according to Ge. He was promoted to portfolio manager from credit analyst in 2020. Meanwhile, head of fixed income, Asia Pacific Hayden Briscoe helps set the top-down directions.

In addition, this trio meets daily with two onshore-China focused portfolio managers that contribute China macro views. The managers are backed by seven credit research analysts with an average of 12 years of investment experience.

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