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Funds Round Up: Fidelity European, HANetf and more
03/08/2018 , News Team

Fidelity European Values PLC’s half-yearly results for the six months ended 30 June 2018, highlights positive performance despite weak equity markets in Continental Europe. Over the six-month period, the Company’s Net Asset Value (NAV) returned +2.3 percent, compared with a return of -1.4 percent for the FTSE World Europe (excluding the UK), the Company’s Comparative Index. The share price return was +0.7 percent, following a widening in the share price discount to NAV. The energy sector was the standout performer in Europe in the first six months of 2018, as the oil price continued to rise. The major integrated oil companies also delivered on their plans to improve operating and capital efficiency, enabling them to generate more cash and sustain attractive levels of dividend. The technology sector performed strongly too, led by the strength of the sector in the U.S. stock market which has made European peers seem relatively inexpensive. Giving his outlook for the region, portfolio manager Sam Morse said: “Investors in Continental European markets appear increasingly cautious. This is not surprising given that we are, most likely, in the later stages of the economic and stock-market cycles. There is also uncertainty about the outlook in many directions: political and economic. Sentiment has swung considerably in six months from positive to negative; the widening discount of the Company is, perhaps, a notable indicator here.”

Edinburgh-based fixed income manager Cameron Hume will launch a new global bond fund, with assets of $100 million, for investors seeking to effectively manage environmental, social and corporate governance (ESG) exposures. The Cameron Hume Global Fixed Income ESG Fund will offer investors the chance to achieve active returns from a portfolio of bonds with higher average ESG ratings than their respective sectors. The Fund is an actively managed, globally diversified portfolio of up to 400 fixed income securities from issuers who can demonstrate that ESG risks are appropriately managed, which has integrated ESG factors into its investment processes. The fund’s aim is to outperform the Bloomberg Barclays Global Aggregate Index. Co-founder and chief investment officer Guy Cameron said: “ESG strategies are more well-established in equity investing, and investors are now looking to include ESG considerations in their allocations to fixed income strategies.”  

The aim of the fund is to be relevant to institutional investors, discretionary fund managers and wealth managers in markets including the UK, Europe and Australia, as well as in the United States and Asia. It will exclude issuers involved in the production of controversial weapons or countries that are subject to UN, European Union or United States sanctions. The firm has been able to integrate ESG risk factors into its investment process using an advanced proprietary suite of analytical tools known as CaTo (Cameron Hume Tools), which stores a wide range of data on individual fixed income instruments (including ESG data) and a broad range of market and economic data in a single database.

HANetf, a European, independent UCITS ETF platform, has confirmed the first tranche of Authorised Participants (APs) that will provide essential liquidity to on-platform funds. The companies are leading global market making firms with extensive knowledge and experience providing deep and efficient ETF markets on most major European stock exchanges. HANetf will further expand the range of APs to create one of the most extensive AP and market making networks in the European ETF market. The first confirmed APs are: Goldenberg Hehmeyer LLP, IMC, Old Mission Europe and RBC Europe. This announcement comes ahead of the launch of the first funds on HANetf’s Irish domiciled fund platform, that are scheduled for listing on London Stock Exchange, Borsa Italiana and Deutsche Boerse XETRA in the coming months, subject to regulatory approval. HANetf’s asset management clients will be able to take advantage of this extensive panel of APs as they join and issue ETFs on the platform. Asset managers who would otherwise set up their own ETF capability would face the time and cost impact of having to set up their own AP network from scratch. Founded by co-CEOs, Hector McNeil and Nik Bienkowski, HANetf provides a full service offering to prospective ETF issuers including ETF product development, support, operations, capital markets, sales, marketing and distribution. The platform removes the barriers to entry for new entrants to the European ETF market, and aims to make it faster, easier and more cost-efficient for asset managers to launch ETFs in Europe.

Apple has recently reported positive results for the most recent quarter. Chris Ford, manager of the Smith & Williamson Artificial Intelligence Fund, commented on what this means for Apple and the other FAANGs (Facebook, Apple, Amazon, Netflix and Google). He said: “This most recent set of results from the so-called FAANGs has clearly demonstrated that there are a lot of nuances between the businesses and as such, investors cannot approach them as a single trade. We believe this divergence in performance is only going to continue, and investors must have their eyes open when it comes to the FAANGs and understand what they actually own. After all, investors shouldn’t simply buy the whole lot. Like any investment, they need to be discerning and look at them on their individual merits.”

 

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