富達義大利與瑞士司令官--Alberto Chiandetti

1.2K

富達義大利與瑞士司令官--Alberto Chiandetti

1.2K

ronccf

註冊會員

樓主

2013-08-04 17:19

ronccf

註冊會員

樓主

2013-08-04 17:19

Morningstar's Take 4/10/2013 富達義大利
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After a somewhat mixed 2011, the fund moved to the top of the Morningstar Italy Equity category again in 2012, as evidenced by its position in the category’s first percentile for returns. The choices that contributed to this result include a focus on companies with greater exposure to global markets, and consequently the underweighting of companies connected with a weak domestic economy, including Italian utilities. In our opinion, however, the strengths of the fund far exceed its recent successes.

Alberto Chiandetti has been the manager since Oct 2008. We believe that the experience he has gained, while not particularly lengthy, together with his in-depth knowledge of listed Italian companies and his access to Fidelity’s sound, proprietary research, represent strengths that benefit the fund’s shareholders. To build the portfolio, Chiandetti focuses on bottom-up research to select 30-50 securities, including both large-cap and small-cap Italian stocks, but he also pays attention to the macro framework. We believe that in a variety of market conditions this non-dogmatic and somewhat contrarian approach can make a difference; however, it demands of its shareholders a long-term horizon and a strong appetite for risk. For shareholders who meet these requirements, an investment in this fund is rewarding.

Over time, as is shown by the relative returns from Oct 2008 to March 2013 (430 basis points above the category average), this approach has paid off in relative terms. In Aug 2011 Chiandetti was appointed manager of another fund, Fidelity Switzerland; his workload has certainly increased significantly, but in our view this is not a matter of concern in light of the strengths mentioned earlier. We confirm our positive assessment of the fund and give it a Silver rating

Alberto Chiandetti的團隊作風習慣用由下而上,大小型股兼顧的方式來操作,評論者Dario Portioli對於他兼任瑞士司令的事情,並不認為會因此影響義大利績效,近期績效稍遜施羅德義大利有可能短期效應,但是Dario Portioli對於Alberto Chiandetti瑞士績效的看法呢?
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Morningstar's Take 4/10/2013 富達瑞士
Alberto Chiandetti replaced Jonathan Ogier as manager effective Aug 2011. This change followed a period of modest results for the fund, which, under Ogier’s guidance, had underperformed the category average. It should be noted that Chiandetti cannot be considered an expert in terms of knowledge of Swiss listed companies; in fact, since the manager joined Fidelity in 2006, he had only covered Italian stocks up to Aug 2011. In particular, since his arrival in 2008 as head of Fidelity Italy (Morningstar Analyst Rating: Silver), the fund has significantly outperformed the Morningstar Italy Equity category average. In our opinion, this positive management experience, together with the contribution made by the strong European team of Fidelity analysts, sends an encouraging signal; however, it must prove its effectiveness in the Swiss stock market.

During his tenure as fund manager, Chiandetti has become known for original and often contrarian investment ideas, based on a bottom-up analysis of individual companies and a search for changes that can trigger new market valuations. The same strategy characterises this fund, which is composed of between 30 and 40 stocks. The most important element of innovation introduced since the end of Ogier’s tenure is the increased attention being paid to mid- and small-cap companies. For example, in Feb 2013 these companies represented close to 30.7% of the total assets of the fund, compared with a category average of 14.1%.

A look at returns achieved during the admittedly short period from Aug 2011 to the end of March 2013 shows that the fund achieved a return of 11.11% annualised, thus underperforming the category average by about 140 basis points. This means that the fund’s relative performance is still unsatisfactory. However, during the period under analysis the results have been improving, as is confirmed by the moving averages.

In short, the overall picture for the fund is still mixed. We retain our Neutral rating.
在績效說明上,Dario Portioli再次強調The track record under the new management is still too short to judge the fund's performance.
富達瑞士組別上仍列入瑞士大型股,但是投資目標(或策略)原為:"本基金主要投資於瑞士股票，以達資本增值的目標"。6月份月報則已加註投資目標為:"雖然本基金傾向投資於大型公司,但也有部分中小型公司的持份",對照持股成份,截至6/30止,富達瑞士除主要持股重押瑞士權值股外,Alberto Chiandetti團隊所買的微型企業市值竟佔到整體基金60%,從這個角度觀察,在中型股份上,不僅完全不輸給施羅德瑞士中小型比重,甚至還超出一些
瑞士7月份PMI飆到57.4,以及EUR/CHF,USD/CHF的後勢對於瑞士股市的影響就慢慢看,現在還是隨著FBI白色燈號定期中