The FSA Spy market buzz – 24 March 2023
Bitcoin rolling futures, new fund pricing models gather pace, greenbleaching, sustainable bonds (not), thematic investing at the top; consultant jokes, Munger’s wisdom and much more.
Poole admits to having spent more time with the First State team than the managers of the Janus Henderson fund. His meetings with Sophia Li, who now runs the First State portfolio, have elicited a positive reaction.
“I’m really impressed with her. [Li] has been with the firm for a decade, having joined straight from university, and she has been inculcated with First State’s disciplined, bottom-up process under Martin Lau’s guidance,” he said.
Li assumed responsibility for the fund at its inception, and she is supported by three analysts embedded in the broader 19-member First State Stewart Asia team.
“There is a great deal of clarity about the fund,”said Poole.
There is perhaps less certainty and stability about the Janus Henderson product, he observed.
The manager, Junichi Inoue, is highly experienced, having spent 14 years with Blackrock, but is a relatively new manager of the Japan Opportunities fund. He took over the reins in 2016, but three years is a short period in the life of a fund which has existed since 1985.
“[Inoue] has been around for a while and his investment approach is largely driven by fundamental analysis,” said Poole.
“But, his relatively short tenure so far at the Janus Henderson fund means that there is some concern about its future direction,” he added.
Part of Mark Allen.