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Five Oceans wins $350 million global equities mandate
Skandia Investment Group has awarded a $350 million global equities mandate to Sydney-based Five Oceans Asset Management.
Five Oceans takes over the mandate from JP Morgan Asset Management.
Skandia head of investment research Adam Smears said Five Oceans was chosen due to its high conviction approach, which involves holding a portfolio of 50 core stocks to manage risk over the long term.
Five Oceans' use of derivatives and hedging strategies was also a factor in Skandia's decision, said Smears - as was the fund manager's consideration of environmental, social and corporate governance issues in its research.
"Five Oceans Asset Management is an experienced firm that delivers outperformance beyond the broader markets by having an absolute return mindset," said Smears.
Five Oceans chief executive Ross Youngman said that Skandia Global Equity Fund would be managed in a similar manner to the Five Oceans World Fund, "which has outperformed the MSCI World Index by over 5 per cent annualised after fees, since inception in 2006, as well as in each calendar year".
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Despite tariff challenges and a weaker US dollar, the investment manager remains optimistic that Asian markets, both big and small, stand to benefit.
The uncertainty surrounding US trade policy is weighing down global growth prospects, KPMG warns.
The US and Europe trade deal represents a significant step forward in resolving trade conflict, but markets have largely priced in the good news already, says the asset manager.
The Australian sharemarket is back to overvalued following the sharp rally since April, but many sectors still offer attractive stocks, according to the research firm.
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