Funds to watch newcomers
Lazard Global Equity Franchise invests in companies that have an economic franchise – that is companies which possess a combination of predictable earnings and large competitive advantages. The number of stocks in the fund range from 25 to 50, and it is therefore fairly concentrated. It has also been heavily exposed to US stocks, accounting for nearly 70% of the fund as of August 2016. The managers, Matthew Landy, John Mulquiney, Warryn Robertson, Bertrand Cliquet (pictured), avoid companies engaged in manufacturing tobacco-related products.
The MS INVF Global Discovery Fund launched in November 2014 and has since been managed by Burak Alici. This is a high-conviction portfolio with significant stock and sector bets. For example, Christian Dior was the top holding as of 31 July 2016, with 9.32% of the fund’s assets tied in the stock, versus a 0.03% positon size in the index.
