HEAD-TO-HEAD: Pinebridge vs Templeton

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Manager Review

The Pinebridge fund is managed by the New York-based portfolio management team, led by Andrew Jones.

Jones, the firm’s head of equity research, is supported by co-managers Taras Shumelda and Gustavo Pozzi.

“Portfolio managers and analysts with different country focuses contribute to the stock-picking process of this fund. The whole equity team follows the growth categorisation framework (mentioned earlier) to generate investment ideas,” Ng said.

For instance, two named co-managers have their own specialised areas. Pozzi, head of Latin America equities, oversees two Latin America equity strategies while Shumelda manages an emerging Europe fund.

For the Templeton fund, Singapore-based Chetan Sehgal became sole manager after the departure of Carlos Hardenberg earlier this year. Hardenberg has joined emerging markets guru Mark Mobius’ new asset management company, Mobius Capital Partners.

Templeton’s Sehgal is supported by a total of 80 analysts and portfolio managers across emerging markets.

“Despite the departure of Hardenberg, the Templeton fund is well-supported by a resourceful team and strong on-the-ground research,” Ng said.

Templeton’s investment team, with a combined responsibility of research and portfolio management, are stationed in 20 local offices in emerging countries such as Dubai, Vietnam and Romania.

Ng noted that although the investment capability is strong, the team shares a common problem of a large yet scattered group, which tends to be difficult when organising frequent roundtable debates.

But he believes the in-depth stock fundamental analysis in local offices can compensate for the lack of frequent group discussions.

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