一線司令調任國防部長

898

一線司令調任國防部長

898

ronccf

註冊會員

樓主

2013-08-04 16:04

ronccf

註冊會員

樓主

2013-08-04 16:04

獎勵一個人,可以用報酬,最好不要用職務;
因為我們被拔擢的理由,都是與現在的職務有關,但這些優點通常與被提升後的職務完全無關
情人與配偶的關係好像也適用,還好有愛

Paul Graham’s appointment as head of Growth strategies has led to a change in the management structure
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A reduced role for long-standing manager Paul Graham as part of a three-man management team has diminished our conviction in UBS (Lux) EF Small Caps fund.(瑞銀美小)

This fund had been run by Paul Graham and David Wabnik from the mid-1990s until Nov 2012. Such stability is all too rare and Graham’s capabilities in particular were key to our favorable view of the fund. In Nov 2012, however, he was appointed head of UBS Growth Equity strategies and based on our discussions with the group, it is clear that the time he has to spend on this offering is materially curtailed.

We draw some comfort from the continued presence of David Wabnik. He had worked alongside Graham as comanager since 1995 and is further supported by Samuel Kim, who joined the team as an analyst in 2003 and was promoted to comanager in 2011. UBS also added an analyst in 2013; however, the new team member will only initially dedicate half of his time to this strategy.

We also note the team’s process remains unchanged under the leadership of Wabnik and Kim. The approach to research is based upon bottom-up analysis that aims to identify companies with above-average earnings and revenue growth. The resulting portfolio is home to 70-100 stocks, but investors should note that the sector exposures can be concentrated in a few areas. Indeed, the portfolio is dominated by stakes in the information technology, health-care and consumer goods sectors, which accounted for nearly two thirds of the fund at the end of Jan 2013.

Nevertheless, we regarded Graham’s expertise and full dedication to this strategy as crucial to our positive conviction. We believe the remaining dedicated managers are capable investors, and we acknowledge that Graham remains involved with the strategy. However, we expect his diminished role to have an impact on this relatively small team, particularly given the breadth of the US small-cap equities universe and its inherent risks. We have therefore downgraded the fund's rating to Neutral.

Nevertheless, we regarded Graham’s expertise and full dedication to this strategy as crucial to our positive conviction. We believe the remaining dedicated managers are capable investors, and we acknowledge that Graham remains involved with the strategy. However, we expect his diminished role to have an impact on this relatively small team, particularly given the breadth of the US small-cap equities universe and its inherent risks. We have therefore downgraded the fund's rating to Neutral.

引自2013/3/28晨星關於瑞銀美小的分析報告
有買這支的強友實戰感受呢?