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Fondo emergentes global: Heptagon Oppenheimer Developing Markets Equity Fund

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Fondo emergentes global: Heptagon Oppenheimer Developing Markets Equity Fund
Fondo emergentes global: Heptagon Oppenheimer Developing Markets Equity Fund

Fondo emergentes global: Heptagon Oppenheimer Developing Markets Equity Fund

Ahora que los Vontobel y los Aberdeen están cerrados o semi-cerrados, para los que buscan otra alternativa para exposición a emergentes global, Heptagon ha lanzado en Europa (formato UCITS) el exitoso Oppenheimer Developing Markets Equity Fund:


El track record es francamente bueno, y en esta corrección lo ha hecho bastante mejor que el Aberdeen. 5 estrellas Morningstar, rating Silver:


En Inversis ya lo tienen, aunque desde 15.000 euros de inversión mínima. TER 1,95% en su clase B.


En Renta4 aún no está disponible pero teniendo en cuenta que se distribuye en Allfunds, y que Renta4 ya comercializa el Yacktman, imagino que lo darán de alta en cuanto alguien lo solicite.



Re: Fondo emergentes global: Heptagon Oppenheimer Developing Markets Equity Fund


Buena alternativa, si acaso un poco demasiado grande con $ 33,5 bil en activos bajo gestión

Más sobre el proceso:

"Manager Justin Leverenz aims to buy companies with competitive advantages and healthy free cash flows that can generate high returns on capital throughout the market cycle. Often these stocks fit into an investment theme such as the retail migration from mom-and-pop shops to supercenters in emerging-markets countries. Within these themes, Leverenz seeks stocks he can hang onto for several years. This tack has kept the fund's turnover well below the category norm, a trait illustrated by larger positions in Indian IT firm Infosys INFY and Chinese internet firm Baidu BIDU, which he's trimmed and added to for several years.

Leverenz does not hedge currency exposure and pays no heed to the sector and regional weights of the MSCI Emerging Markets Index. His hunt for consistent earners keeps the fund light on cyclical fare such as financials and materials stocks. He'll also avoid industries or regions where he sees nosebleed valuations. For instance, he kept the fund's China exposure below 5% in the second half of 2007--a level well below the group norm--due to valuation concerns. That move proved fortuitous as Chinese stocks suffered greatly in 2008. Going its own way has been a winning recipe for the fund so far, but investors can count on it trailing the pack at times due to its unique profile.

This was the most popular actively managed emerging-markets equity fund in 2012, taking in roughly $5 billion. The fund also took on large amounts of new money in 2009 and 2010, and now it's crossed the $30 billion mark. An unwieldy asset base could make it harder for the manager to keep the fund invested in his best ideas, and it could also be more difficult to trade less liquid small- and mid-cap stocks. That said, Justin Leverenz continues to steer the fund in a consistent and successful way. He continues to hold 100-125 stocks in the portfolio, and the fund's average market cap has remained in the $15 billion-$20 billion range. Leverenz doesn't use cash tactically, and that stake has stayed between 5% and 7% in recent years.

The portfolio continues to sport the same large bets it always has, the result of Leverenz's theme-based, valuation-sensitive approach. That includes a big focus on consumer defensive stocks. At just over 23% of assets, that stake is twice the size of the typical rival's and the MSCI Emerging Markets Index's. The portfolio's country weights can also vary widely from the benchmark and category norm. China, for instance, has been a perennial underweight due in part to Leverenz's valuation focus and highly selective approach to cyclical stocks. Its 13% stake recently fell 5 percentage points below the benchmark weighting."

Un saludo


Re: Fondo emergentes global: Heptagon Oppenheimer Developing Markets Equity Fund

Gracias por el aviso Rontxi, tiene muy buena pinta.

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