angus tulloch of first state investments shortlisted for three and wins two awards at last week's IW fund manager of the year awards
Angus Tulloch of First State Investments was one of the most acclaimed fund managers at last week's Investment Week Fund Manager of the Year awards, being shortlisted for three awards and winning two.
Despite his markets, Far East and emerging, being unfavoured by retail investors over the past few years, Tulloch was recognised for his commitment and ability. His First State Global Emerging Markets portfolio won the Emerging Markets award and his First State Asia Pacific fund won the Far East category. Tulloch was shortlisted alongside such managers as Aberdeen's Hugh Young, who was shortlisted for three separate funds in the Far East category, and emerging markets managers Andrew Telfer of Baillie Gifford Latin America and JPMF Emerging Market's manager Austin Forey.
Baillie Gifford did however pick up the award for the North America sector. Its managers Mick Brewis and Andrew Holliman impressed the judges with a growth-oriented portfolio that had outperformed in unfriendly market conditions and looked well placed to capture market upside for the future.
The most controversial award on the evening was in the European category, where manager Hugh Hendry was the winner. His Odey European fund is well known for having high levels of cash as he has looked to combat volatility and bear markets.
Although some critics claim Hendry as a result is not running a true European equity fund, in deciding the winner the panel debate came down to whether it was about getting the best returns from Europe or from European equities. The panel felt Hendry had anticipated the need to produce absolute returns and had organised his portfolio accordingly.
In addition, while the award on the evening categories are based loosely on the IMA sectors, the judging panel is not restricted by the rules governing those sectors.
Baillie Gifford, winner of the overall group of the year award, did not pick up the most individual fund manager awards. That achievement was shared by Jupiter and First State Investments, each of which won in two categories.
The fact no single group won more than two accolades meant that the 13 awards were shared between 10 investment houses.
As in previous years a quantitative screen is applied to all unit trusts above £15m in assets and with three-year track records. All stats are run over the three years to 31 March 2003, figures are bid to bid, ex dividend income reinvested at ex dividend date (not payment date).
The three discrete years' figures and three-year information ratios are also produced with a 40% weighting given to the most recent one-year figure, 30% weighting to the previous, 20% to one before that and 10% to information ratio.
The judging panel this year consisted of John Husselbee of Hendersons, John Chatfeild-Roberts of Jupiter, Gary Potter and Robert Burdett of Credit Suisse, Bambos Hambi of Insight and Mark Colegate and Kira Nickerson of Investment Week.
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