„A fund strategy to make money in rising or falling markets“

In den Jahren nach Ausbruch der Finanzkrise mit der sich anschließenden Staatsschuldenkrise schwankten Anleger zwischen Pessimismus über die Lage der Weltwirtschaft und Optimismus hinsichtlich der Maßnahmen der Zentralbanken. Die Folge war eine hohe Korrelation zwischen den einzelnen Assetklassen. Seit einiger Zeit ist nun ein Rückgang dieser Korrelationen zu verzeichnen. Luke Newman von Henderson Global Investors erläutert, was dies für ihn und seinen Absolute Return Fund in der Praxis bedeutet. 

Hedgework: What do you think, why have Absolut Return Funds (ARF) currently such a big inflows? 
Luke Newman: Absolute return funds are considered by some to offer an alternative to traditional equity and bond funds, and in this light they currently look appealing. Where risk-averse investors might traditionally seek sanctuary in bonds, the effect of quantitative easing has driven down government bond yields to the extent that shorter-dated bonds offer little or no compensation for inflation. At the same time, the strong rally in equities has led to expectations of a correction. 

Hedgework: There is a huge number of ARF which come to the market anew. Is Absolut Return always equally to Absolut Return? How do you define it?
Newman: There are certainly a variety of strategies loosely grouped together as ‘absolute return’. For us, it is a fund strategy which aims to make money in rising or falling markets, delivering steady returns instead of chasing market surges and following declines. This is made possible by combining long and short positions in carefully selected stocks, which takes skill and experience. This makes absolute return funds different from traditional, ‘relative’ return funds which compare their performance with a benchmark index. The fund is likely to deliver lower returns than long-only funds during periods of strongly rising markets but aims to deliver these returns with a lower level of volatility than the market. 
Our holdings are the result of bottom-up stock picking. Our conviction, risk metrics and liquidity are used to determine position sizes as well as the gross and net exposure. The fund has a large and mid-cap focus and is a blend of core and tactical positions. 

Hedgework: Not all ARF delivered in the past what was promised. What are the reasons in your opinion and what should investors pay attention to
Newman: It would be difficult for me to speculate on the performance of other Absolute Return strategies but I would point to the following factors which have helped our performance:
We offer protection against drawdown and flexible portfolio parameters. Net and gross exposure of the fund is driven by the managers’ bottom-up assessments. Being able to go long or short, based on an individual company’s prospects, allows the potential to generate absolute returns or support capital preservation in adverse market conditions.
Our investment process is simple. We invest in highly liquid instruments, without using complex option or derivative trading overlays.
Our robust risk managment. That means the fund maintains a rigid risk control policy, with a focus on capital preservation. 
I and my co-manager, Ben Wallace, have 31 years of investment experience between us and we are supported by a 21-strong Pan European equities team. In-house research is a major source of added value for the fund.

Hedgework: Ist the inquiry for ARF only a hype or do ARF also become in the long term a firm component of the investor‘s portfolios?
Newman: An absolute return fund should enhance the overall risk-return characteristics of a balanced portfolio with returns which are lowly correlated to equity markets, and with lower volatility. They can be a source of steady, positive returns through different phases of the market cycle and should not only be considered as a temporary bolthole when markets are in retreat. It makes a compelling case for absolute return funds to be included as a ‘core’ fund within investor portfolios.

Hedgework: What do investors currently expect from managers?
Newman: Positive risk-adjusted returns, independent of market conditions and proven downside protection – the strategy returned 29.4% in the challenging conditions of 2008. 

Hedgework: Your fund is top rated in many magazines and other comparisons. What makes the difference in comparison with other funds?
Newman: The appeal of absolute return funds is often more about protection against drawdowns – the peak-to-trough decline in performance during a specific period – in falling markets, rather than trying to outperform strongly rising markets. The fund has demonstrated strong downside protection, in even very challenging conditions, helping to provide the element of stability that absolute return investors frequestly seek. It is also devoid of complexity: we invest in highly liquid instruments, without using complex option or derivative trading overlays. 

Hedgework: What is your investment strategy? 
Newman: We target positive absolute returns through both ‘long’ positions (buying securities with the expectation of a rise in value) and ‘short’ positions – borrowing then selling overvalued assets, with the intention of buying them back for less when the price falls. This means that investors in absolute return funds such as ours should expect some protection when market conditions deteriorate, and the flexibility available should mean that a fund is not highly correlated with market moves. While absolute returns cannot be guaranteed, we have the tools at our disposal for both good times and bad.

Hedgework: How do you generate returns?
Newman: This is achieved through blending two types of trading strategies in the fund; ‘core’ positions and ‘tactical’ trades. The ‘core’ book is long or short positions in shares of companies based on their valuations and trends impacting a company. Positions are typically held for the long term. This can either be on our expectation of a company performing better or worse than the market anticipates. These positions typically represent one third of the fund. 
The ‘tactical’ book consists of shorter-term trades which, again, can be either ‘long’ or ‘short’, and typically represent two thirds of the portfolio. This book allows us to be nimble, responding quickly to changing market conditions. For example, if UK interest rates rise faster than expected, there should be a number of tactical opportunities to identify companies that are likely to struggle with increased borrowing costs, and make for potentially attractive short positions.

Hedgework: What ist your current fund positioning? Are you mainly long or short?
Newman: As at 31 August 2014 the fund held 88 long and 39 short positions. Our net/gross market exposure was 31.6/76.1% respectively.

Hedgework: What is the biggest source of risk for your fund?
Newman: The most challenging environment for long/short managers is when there is a high degree of correlation between stocks, sectors and different markets. For example, in 2011, markets see-sawed almost in unison from one day to the next, based on risk-on and risk-off shifts in sentiment. Rather than being based on fundamental investment analysis into the underlying health and prospects of individual companies, market moves were driven by reaction to the policies of central banks and debt funding issues, particularly in the eurozone. The resulting environment left fewer opportunities to identify profitable trades for absolute return managers who, on the whole, experienced one of their worst years. These conditions provided a rigorous test of our process; however, we were able to largely protect investors’ capital while the FTSE All-Share fell.
More recently, some normality has returned to markets, with greater dispersion between share prices as investors react to company fundamentals and company-specific events. This has enabled the strategy to deliver strong absolute returns, with significantly lower levels of volatility than the market.

Hedgework: What is your approach to manage risks?
Newman: Our focus is on capital preservation: A margin of safety is built into the price paid for each stock and the fund managers review or close any position that loses 10% of its value. Risk is continually monitored both by the fund managers and by the independent risk management division at Henderson.

Hedgework: How do you manage volatility risk? 
Newman: While stock market volatility is not welcomed by investors generally, it gives long/short managers like us, who seek opportunities based on detailed stock analysis, the opportunitity to take full advantage. We are able to find more short positions that offset long positions, reducing the portfolio’s overall market exposure and helping to preserve client capital in falling markets. Equally, when fear looks overdone they can increase their bias to long positions and subsequently benefit form any market rises. This approach has enabled us to achieve annualised net returns of 10.9%, with a volatility of 6.0% since the inception of the strategy as at 31 August 2014. We have managed this fund through a wide array of different conditions – up markets, down markets, high volatility markets, low volatility markets. A period of higher volatility within range bound equity markets is something that doesn’t affect our outlook and could actually suit us because we aim to deliver our return targets regardless of what markets do.

Hedgework: On which sectors is your main awareness?
Newman: We trade within all sectors of the UK market. In terms of current sector positioning, we retain our long exposure to insurance and banking stocks, which we expect to benefit from any further steepening of the yield curve. We also increased our long exposure to areas such as residential housing and gaming, which appear to be benefiting from a pick-up in economic activity.
We do a lot of work on both the long and short sides of the portfolio; both are equally important to the overall strategy and performance of the fund. Stock selection reflects our conviction, overlaying core positions with tactical trades. But there are themes that emerge within this. Top-line growth, secure cash flows and strong balance sheets are typical characteristics of the companies that we feel offer the most attractive valuations for the long book.
Stocks are shorted where we expect specific short-term external or internal factors to weigh on share price performance both in absolute terms and relative to the market. Short positions in the portfolio reflect stock-specific views rather than an overall sector strategy. So we look for both long and short opportunities in each sector.

Hedgework: What have been the key themes in 2014? 
Newman: In terms of current positioning, we are taking advantage of the flattening in yield curves to begin building up positions in companies that will benefit from the first rate rises – banks and insurers are two such potential beneficiaries. On the short side, the focus is on companies with exposure to emerging markets where rate increases may impact the growth outlooks of consumer staples companies. Also, those companies which have failed to address their pre-crisis balance sheets – typically later cycle, consumer-exposed in the leisure, travel and retail space. In terms of the UK specifically – those areas which are vulnerable to political interferrence as the UK election draws near – bookmakers and gambling generally and utilities and transportation.

Hedgework: At last, could you please share with us your near term and medium term outlook of the global markets?
Newman: After a quiet first half of the year, for both equity markets and the fund, our confidence levels are increasing for the second half of the year. Fund risk levels were reduced significantly – both: gross and net – early in the year in anticipation of currency driven downgrades for London listed equities, due to an exceptionally strong Sterling, uncertainties around the timing of any interest rate cycle and mounting macro issues – various military conflict flashpoints or Emerging Market growth slowing. The sharp share price falls in a variety of UK-focused businesses and some more midcap businesses, driven by proximity of interest rate rises and poor liquidity, have created some interesting investment opportunities on the long side. We have identified some good opportunities on both the long and short book and are currently using some of the summer volatility to build up both sides of the portfolio.


Das Interview führte Alexander Heintze.

Im Interview: 

Luke Newman
kam 2011 als Investment Manager für europäische Aktien zu Henderson. Zuvor hatte er seit Juni 2009 für Gartmore gearbeitet und dort den Gartmore UK Absolute Return Fund verwaltet. In seiner Zeit bei Foreign & Colonial legte er den F&C Special Situations Fund und später den F&C Enhanced Alpha Fund auf. Dabei machte er sich die Vorteile der OGAW III-Richtlinie zunutze, um eine aktive Shorting-Strategie einzuführen. Luke Newman wird von Citywire mit AA bewertet.

ist eine internationale Vermögensverwaltungsgesellschaft, deren Geschichte bis ins Jahr 1934 zurückreicht. Das hundertprozentige Tochterunternehmen der Henderson Group plc. verwaltet ein Anlagevermögen in Höhe von 93,3 Mrd. Euro (Stand: 30. Juni 2014) für Kunden in Großbritannien, Europa, im asiatisch-pazifischen Raum sowie in Nordamerika und beschäftigt weltweit etwa 850 Mitarbeiter. 
Als reiner Vermögensverwalter bietet Henderson eine Produktpalette, die von Aktien und Anleihen über Multi-Asset-Angebote bis hin zu alternativen Produkten wie Beteiligungskapital (Private Equity) und Hedgefonds reicht.

Investieren in den Wandel

Bondinvestoren sehen sich vor dem Hintergrund des niedrigen Zinsumfelds der Schwierigkeit ausgesetzt, angemessene risikoadjustierte Erträge zu erzielen. Finanzierungsinstrumente wie Wandelanleihen gewinnen daher an Bedeutung. Denn die Papiere schaffen in der Regel eine Win-win-Situation für Emittenten und Zeichner: Börsennotierte Unternehmen können zu günstigen Konditionen an Fremdkapital gelangen. Investoren in diesen Papieren streichen nicht nur den Zins­kupon ein, sondern können zusätzlich von Kurssteigerungen der Aktien der Emittenten profitieren.

Europäische Immobilienaktiengesellschaften nutzen das derzeitig attraktive Umfeld für die Emission von Wandelanleihen. In den ersten neun Monaten dieses Jahres ist das europäische Transaktionsvolumen der begebenen Immobilien-Wandelanleihen nach Angaben der Société Générale mit knapp 3,2 Milliarden Euro mehr als dreimal so hoch wie in den ersten neun Monaten des Jahres 2013, als das Emissionsvolumen von europäischen Immobilien-Wandelanleihen bei rund 995 Millionen Euro lag. Damit entfällt ein signifikanter Teil aller emittierten Wandelanleihen in Europa auf den Immobiliensektor – Tendenz weiter steigend. 

Die Anlageklasse Wandelanleihen existiert bereits seit dem 19. Jahrhundert. Heute ist der Markt global über sämtliche Regionen und Sektoren diversifiziert. Aktuell besteht das globale Wandelanleiheuniversum aus fast 1.000 Titeln und hat ein Gesamtvolumen von ca. 300 Milliarden Euro. Die Mehrheit der Emittenten kommt mit rund 50 Prozent aus den USA, gefolgt von Europa mit rund 30 Prozent und Asien inklusive Japan mit etwa 5 Prozent. 

Wandelanleihen von Immobilienunternehmen werden in diesem Jahr weiterhin eine gewichtige Rolle spielen, da sie angesichts des aktuell niedrigen Zinsumfelds ein attraktives Finanzierungsinstrument darstellen und für die emittierenden Unternehmen eine Reihe von Vorteilen bieten. Aufgrund der eingebetteten Option ist der Kupon, den der Emittent zu zahlen hat, deutlich niedriger als für eine klassische Unternehmensanleihe. Darüber hinaus besteht für das Unternehmen die Möglichkeit, Gläubiger des Unternehmens bei positivem Geschäfts- und damit Aktienkursverlauf zu Eigentümern zu machen, eine Reduk­tion von Zinslast und Fremdkapital ist die Folge. Die in die Zukunft verschobene Kapitalerhöhung wirkt darüber hinaus als deutlich gemäßigteres Signal an die ­Märkte als die sofortige Durchführung einer Kapitalerhöhung. Daher werden Wandel­anleihen aus Sicht der emittierenden Unternehmen sowohl zur Optimierung der Bilanzstruktur als auch zur Finanzierung künftigen Wachstums eingesetzt.

Doch wo liegen die Vorteile für Investoren? Die Anlageklasse Wandelanleihen zeigt die beste absolute Performance in positiven Aktienjahren, spielt ihre Stärke aber auch in negativen Jahren aus. In Bull-Phasen partizipieren Wandelanleihen zunehmend von einem Anstieg ihrer Aktiensensitivität (=%-Delta), die Aktienkursentwicklung (Veränderung der sogenannten Parität) ist hier der wesentliche Treiber. Kommt es hingegen zu einem negativen Kursverlauf der zugrunde liegenden Aktie, wird das Risiko eines Kursrückgangs der Wandelanleihe vor allem von der Kreditwürdigkeit des emittierenden Unternehmens bestimmt. Der sogenannte Bondfloor spiegelt den Anleihecharakter der Wandelanleihe ohne Option wider und begrenzt das Risiko. Die hierdurch entstehende Konvexität führt zu einer langfristig attraktiven Performance. So haben europäische Wandelanleihen zum Beispiel seit 1994 mit 73 Prozent an positiven Aktienmärkten partizipiert, jedoch nur mit 45 Prozent an negativen Marktphasen.

Gerade im gegenwärtigen Umfeld werden Wandelanleihen wegen ihrer hybriden Eigenschaft nachgefragt. Während die Renditechancen von klassischen Unternehmens- oder Staatsanleihen im Niedrigzinsumfeld gering sind, können Wandelanleihen von steigenden Aktienmärkten profitieren. Im Gegensatz zur direkten Aktieninvestition unterliegen sie einer deutlich geringeren Schwankung (Volatilität). Sollten sich die Zinsen auf absehbare Zeit nicht signifikant erhöhen, werden Bondinvestoren entweder ihre Renditeerwartung deutlich nach unten anpassen oder aber starke Abstriche bei der Ratingqualität hinnehmen müssen. Dahingehend können Wandelanleihen, die in einem Bondportfolio eingesetzt werden, eine zusätzliche Renditequelle sein. Die folgende Grafik zeigt die Wertentwicklung von Wandelanleihen im Vergleich zu anderen Assetklassen. Auffallend sind die insbesondere im Vergleich zu Aktien deutlich geringeren Rückschläge bei einer langfristig positiveren Wertentwicklung. 

Die gute Wertentwicklung im Vergleich zu anderen Assetklassen ist auch eine Folge von Eigenheiten aus den Prospekten. So ist jeder Eingriff des Emittenten während der Laufzeit vorteilhaft für den Investor. Beispielhaft erwähnt seien Dividenden- und Übernahmeschutzklauseln, welche mittlerweile feste Bestandteile der Emissionsprospekte sind. Hierbei werden Investoren für höhere Dividendenzahlungen an die Aktionäre bzw. für den Verlust von Restlaufzeit im Übernahmefall kompensiert. Gerade Letzteres ist vor dem Hintergrund steigender M&A-Tätigkeiten von großer Bedeutung. Die vorteilhaften Prospektbedingungen haben zur Folge, dass die Wertentwicklung von Wandelanleihen durch die Kombination von Aktien und Anleihen nicht replizierbar ist.


Wertentwicklung Wandelanleihen vs. andere Assetklassen (Stand: Ende März 2014)

 Wandelanleihen eignen sich auch als Beimischung in gemischten Strategien. Durch die Aufnahme von Wandelanleihen lässt sich nachweislich die Portfoliovolatilität senken, ohne die Renditechancen zu beeinträchtigen – oder umgekehrt die Renditechance bei gleichbleibendem Portfoliorisiko erhöhen. Dieser Effekt der Diversifikation tritt bei Portfolios verschiedener Risikoklassen ein. So kann zum Beispiel das Risiko, ausgedrückt als Volatilität, eines aus Aktien und Bonds gemischten Portfolios (51% / 49%) durch die Alternativ-Kombination von Bonds und Wandelanleihen (52% / 48%) um etwa drei Prozentpunkte reduziert werden. Die Renditeerwartung bleibt dieselbe.

Das steigende Interesse von Investoren nach Immobilien-Wandelanleihen hat die öster­reichische Convertinvest zum Anlass genommen und Anfang des Jahres einen globalen Immobilien-Wandelanleihefonds, den Convertinvest Global Convertible Properties, emittiert. Convertinvest ist eine auf Wandelanleihen spezialisierte, unabhängige Asset Mana­gement Gesellschaft und Pionier im Bereich Absolute Return mit Wandelanleihen. 

Wandelanleihen des Immobiliensektors verfügen im Gegensatz zu anderen Immobilien­investments über eine interessante Kombination an Merkmalen. Immobilienwandelanleihen sind täglich liquide, ermöglichen eine breite, globale Diversifikation und haben eine geringere Volatilität als Immobilienaktienfonds. Zudem ermöglicht die gleichmäßige Verteilung der Emissionen auf die USA, Europa und Asien einen selektiven Auswahlprozess. 

Mit einer Volatilität von 5 Prozent bei einer Ertragserwartung von 5 bis 7 Prozent macht ein Investment in Immobilien-Wandelanleihefonds sowohl als Immobilien- als auch als Rententitel Sinn. Und der neue Fonds stößt auf Interesse: Bereits vor dem Start des neuen Wandelanleihefonds konnten mehrere institutionelle Investoren aus dem Bereichen Versicherungen, Family Offices und Stiftungen gewonnen werden, die in den ersten Tagen bereits 30 Millionen Euro investierten – mittlerweile ist der Fonds auf ein Volumen von 46 Millionen Euro angewachsen. 


Im Interview: 

Nils Lesser, CEFA,
ist Chief Investment Officer von Convert-invest. Er ist seit 2007 Mitglied des Teams von Convertinvest. Durch seine zehnjährige Erfahrung als Analyst bringt Lesser spezifisches Know-how und ausgezeichnete Beziehungen im Segment der Mid-Cap-Unternehmen in das Portfoliomanagement-Team der Convertinvest ein.

ist eine unabhängige Asset Management Gesellschaft mit Spezialisierung auf die Verwaltung institutioneller Vermögen mit Wandelanleihen. Die Umsetzung der Strategien erfolgt sowohl über Publikumsfonds wie auch über institutionelle Spezialmandate. 
Neben dem Global Convertible Properties ist Convertinvest Manager des Europäischen All-Cap Convertible Funds sowie des European Convertible & Bond Fund, der seit 2002 einen Absolute-Return-Ansatz verfolgt.

A money making strategy

When deciding to allocate money to Emerging Market equities, Investors must consider the extra risks they are taking on versus developed market equities, and weigh that up against the superior returns that they hope to generate. Within Emerging Markets, I would like to tell you about an opportunity which I believe can both increase your returns whilst substantially reducing your risks. This can be done through an investment strategy in the Frontier Emerging Markets. 

There are approximately 215 countries in the world of which approximately 25 are categorised as developed markets and 25 as emerging markets. That leaves 165 countries that we classify as frontier markets which are in regions of the world as diverse at Asia, Latin America, The Middle East, Sub-Saharan Africa, Eastern Europe and Central America.  There are many reasons we could cite for investing in these markets such as the under penetration of consumer goods and low stock market size in relation to the size of the economies, but the overriding investment case we believe is the significantly superior GDP growth rates of the Frontier Markets universe to Developed Markets. GDP for the countries currently in our Frontier Markets portfolio is forecast to grow at an average of 5.0% per year for the next 5 years versus only 2% growth for developed markets. *

Growth rates in the frontier markets of today are being driven by the same key factor as the more developed emerging markets, such as China and Brazil, experienced fifteen to twenty years ago, a significant labour cost advantage. A typical example of this is the significant transfer of labour intensive manufacturing such as garment making, from ­China to the cheaper markets of Vietnam, Pakistan and Bangladesh over the last couple of years. We saw exactly the same phenomenon in white goods and telephone handsets in the 1990’s from Japan to markets like Korea and Taiwan. Our two Frontier Markets fund managers have over 20 years of investing in Emerging Markets and therefore are able to identify the repeating trends in the new Frontier Markets of today. 

The way we look to take advantage of this high economic growth in Frontier Markets is by finding quality companies with strong management that can convert these high levels of economic growth into consistently rising earnings and returns to shareholders. Whilst ensuring that we are in the right markets where political and economic policies are conducive to a welcoming investment environment and where reform of public institutions, the economy and the stock market are high on the political agenda, the most important component of our investment process is ensuring that the management of our portfolio companies appreciate that they are working for their shareholders. 

There is therefore no substitute for travelling extensively to our markets to interview management on the ground and to visit the sites where our client’s money is being put to work. In addition we meet with many government officials and policy makers to ensure that we understand the domestic influences that impact our portfolio companies.

Our detailed bottom-up analysis allows us to gain a large information edge when investing in these markets. The average number of sell-side analysts following a frontier market company is 2 or 3, versus about 20 for an emerging market company. This means that doing our own research has a much greater impact on performance than it would do in more developed markets. So having examined how frontier Markets can generate consistently higher returns, we need to look at whether this comes at the cost of higher risks. 

We argue that a very big advantage of investing in Frontier Markets is the low levels of correlation to global markets due to the low levels of foreign capital currently invested in them. We would also highlight the fact that correlations between the different Frontier Markets tend to be very low or even negative due to the key determinants of stock market performance being domestic issues rather than global influences. So whilst a portfolio that includes stocks in countries such as Georgia, Kazakhstan, Vietnam and Romania might sound like a risky collection of assets, correlation analysis clearly shows that the overall risk is actually lower than a portfolio of more developed markets. 

As we have mentioned, the reasons for investing in Emerging Markets are both to take advantage of significantly higher economic growth rates versus the developed world, but also to benefit from a re-rating of the valuation of companies when these markets get upgraded to developed market status. A similar thesis applies to Frontier Markets where as well as the significant growth advantage, investors are benefitting from the upgrading of certain Frontier Markets to Emerging Market status. The best evidence for this is the UAE which has been upgraded to Emerging Market status from May of this year and has seen its stock market appreciate by 31.9% in Sterling terms so far in 2014. 

As Frontier market investors our challenge becomes finding the next UAE and then identifying the companies that stand to benefit. The UAE realised some time ago that they would have to become less dependent on oil revenues and implement reform policies that drove forward other sectors of the economy. The success of this strategy is evidenced by the 10 million tourists visiting last year which is projected to rise to 20 million in the next six years. Dubai airport recently overtook Heathrow as the busiest airport in the world, a clear indicator of the success of their infrastructure investment programme.

We currently see exciting opportunities and potential for upgrades to happen over the coming years in markets such as Vietnam – reform of the State run enterprises, cleaning up of the banking sectors bad debts and significant stock market reform – and Romania – a voluntary IMF programme has seen them become the second fastest growing European economy after Poland – where government policies are creating the Emerging Markets of the future.

At Charlemagne Capital, we manage a UCITS Fund, Oaks Emerging and Frontier Oppor­tunities Fund, that looks to reduce the risks even further by investing both long and short in Frontier Market equities. The same bottom-up analysis in under-researched markets enables us to identify stocks that are over-valued and our in depth knowledge of trading these markets enables us to put on short positions in these stocks. We have been managing this strategy for almost 5 years and have consistently demonstrated the ability to make money on both our long and short positions. Whilst our fund always has a net long position due to our high conviction of the attractiveness of frontier Emerging markets we currently have short positions in countries as diverse as Ukraine, Qatar and Nigeria. 

 *IMF Forecasts


Im Interview: 

Dominic Bokor-Ingram
joined Charlemagne Capital in 2013 as part of the team focusing on frontier markets. He previously held a series of senior positions at Morgan Stanley, Goldman Sachs and, from 2006, Renaissance Capital, the EMEA investment bank operating in high-opportunity emerging and frontier markets. He began his career in financial services in 1989, initially specializing in closed-end funds and then, from 1992, in emerging markets. Between 1995 and 2002 Dominic worked for Regent Pacific, from which Charlemagne Capital was demerged, where he was responsible for 23 Eastern European funds. A British national, he is an economics and statistics graduate from the University of Exeter.

 Charlemagne Capital 
is a specialist emerging markets asset manager, entirely independent of any other group, with a team of dedicated investment professionals at its heart.