The FSA Spy market buzz – 22 November 2024
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HEAD-TO-HEAD: Manulife vs Templeton
FSA compares two Asia small cap equity funds: the Manulife GF Asian Small Cap Equity Fund and the Templeton Asian Smaller Companies Fund.
While both funds have a three-star Morningstar Rating, the Templeton fund carries the Morningstar Analyst Rating – a forward-looking rating – of Bronze, while the Manulife fund is rated Neutral. “We prefer the Templeton fund over the Manulife fund,” Share said.
While both management teams have solid experience and expertise, the Manulife team is more stretched in its coverage of the frequently-changing portfolio with its very high turnover rate, making Share question its depth.
Nonetheless, the Manulife fund has tended to sit in the first quartile of its category since Csellak took over its management.
“The Manulife fund will be more risky, given the trading activity,” Share said. “We have more conviction on the [Templeton] team and the investment process. It is more reputable and structured.”
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