By Robert Stock Fleming Asset Management (FAM) has launched six themed- and regional-based Luxembour...
By Robert Stock
Fleming Asset Management (FAM) has launched six themed- and regional-based Luxembourg Sicavs available to UK investors.
These are the FF-Fleming Global Smaller Companies Fund, FF-Fleming Global Life Sciences, FF-Fleming Pacific Growth, and, for Europe region, the FF-Fleming German Opportunities Fund, FF-Fleming European Strategic Value, and the FF-Fleming European Strategic Growth Fund.
The two European strategic funds added to the Fleming Funds range, which has been rebranded from Fleming Flagship Funds, represent a new approach for Flemings, which has previously operated funds differentiated along regional and market cap lines.
Both the value and growth funds, which are benchmarked against the FTSE World Europe index, will be headed by Andrew Spencer, Flemings' head of European equities. The value fund will be co-managed by Chris Complin and the growth fund co-managed by James Elliot.
The funds are Flemings' first move to import the US style-investing approach which concentrates on a universe of stocks defined by price and growth criteria which are designed to screen out bad stocks.
Once the stocks move significantly out of that range they are sold and replaced by others moving into the universe. Statistically, Flemings believes the approach will produce gains in excess of the benchmark.
Flemings believes the funds offer retail investors a way of hedging risk, providing exposure to high potential returns from growth stocks, while offering investment in credible though undervalued stocks.
The Global Life Sciences fund, benchmarked against the Chase H&Q Healthcare Index, is mandated to invest in companies providing products and services to the pharmaceutical, biotechnology, medical devices and healthcare industries.
It is a sector that fund manager Chris Jones believes offers high potential growth as populations in the developed world continue to age and the science of genetics advances.
The Pacific Technology fund, benchmarked against the MSCI Pacific Index and managed by Roger Ellis and Victor Lee from Hong Kong, is designed to exploit increasing relocation of Western technology hardware manufacturing to Asia and increasing technology uptake in the region.
The German Opportunities fund, managed by Richard Webb and Alexander Fitzalan Howard, is designed to tap into the emerging equity culture in Germany and the development of the Neuer Markt into a powerful advanced technology market. It is benchmarked against the DAX 100.
The FF-Fleming Global Smaller Companies fund is a repackaging of the best ideas from FAM's European, US, Japanese and Pacific smaller companies experts. A decision on the final asset allocation split between the US, Europe, Japan and Pacific is made by fund manager Sandeep Bhargava, assistant director on FAM's global portfolios group.
Following the takeover by the Chase Manhattan Group, the group itself is set to be rebranded. FAM chairman Colette Bowe confirmed FAM would be renamed Chase Fleming Asset Management later this summer.
View from the front row
Project Libra unveiled
Including SJP and investment trusts
Spent two years at Sanlam
Will also assess FCA's actions