Unternehmen finden die überleben werden!

Stephen Moore, Fondsmanager des Threadneedle American Extended Alpha Fund im Gespräch mit e-fundresearch.com über seine Investitionsstrategie und die aktuelle Herausforderung Unternehmen in die investiert werden kann zu finden, die die Krise überleben werden. Funds | 17.12.2008 05:27 Uhr
Archiv-Beitrag: Dieser Artikel ist älter als ein Jahr.

e-fundresearch: Stephen Moore, you are the fund manager of the Threadneedle American Extended Alpha Fund (ISIN: GB00B28B7B81). Since when you have been responsible for this fund?

Moore: I have managed the fund since it was launched on 22 October 2007.

e-fundresearch: Do you adhere to a benchmark? If yes, which one?

Moore: Yes, the S&P 500 Index.

e-fundresearch: Do you manage currently also other funds?

Moore: Yes, the Threadneedle American Crescendo Fund, which is a longshort equity hedge fund specialising principally in US equities.

e-fundresearch: What is the total volume that you manage in all your funds currently?

Moore: EUR 213m as at 30 Nov 2008.

e-fundresearch: In regards to the fund’s performance, which results did you manage to get from 2003 – 2007 (both absolute as well as relative in comparison to the benchmark)?

Moore: The American Extended Alpha Fund was launched in October 2007 and we therefore do not have data for earlier periods.  For the year to end-Oct 2007 the fund returned -20.81 percent gross of TER compared with the S&P 500 Index return of -27.04 percent, representing an outperformance of 8.54 percent. Net of all charges, the fund return was -22.42 percent and the outperformance 6.33 percent.

e-fundresearch: Are you happy with your overall performance within the last years in in this year?

Moore: This has been a very difficult year for markets and long-only equity funds (as with their counterparts investing in other asset classes) have generated negative returns.  However we are pleased that we have outperformed most competing funds and indices by a large margin owing to successful strategies and stock selection.

e-fundresearch: Which results would you consider in this context as very good, mediocre and challenging?

Moore: The fund has a one-year history, details of which are given above. The performance has been very well ahead of the index and competing funds, and hope that our clients would judge this to be a very good result.

e-fundresearch: How can you provide added value for your investors by your performance?

Moore: Threadneedle’s performance is derived from hiring excellent managers to operate in a collaborative environment, enabling them to select stocks against a rigorous analysis of the economic backdrop.  Our strategy for this fund combines traditional long-only expertise with hedge fund techniques such as short sales (through the use of swaps).

e-fundresearch: How long have you been fund manager already?

Moore: Since 2001, but I was an analyst for the preceding four years.

e-fundresearch: What have been your biggest successes and challenges in your career as a fund manager?

Moore: Biggest success: The launching of the Threadneedle American Extended Alpha Fund. Biggest challenge: The launching of our Hedge Fund, the Threadneedle American Crescendo Fund in 2004.

e-fundresearch: In which capital market environment are we operating currently in your opinion?

Moore: Bear Market

e-fundresearch: How do you act, operate in this environment?
What are the specific challenges in the current situation?

Moore: The current economic environment is proving challenging for most companies where we can potentially invest. We are concerned to focus on fundamental analysis to assess the sustainability of business models and the financial viability of companies. This does not just mean trying to find out companies that will not suffer, but more those that are likely to survive and to strengthen their positions in the long term.  We are keen to use shorting strategies to extend or protect alpha.

e-fundresearch: Which targets and aims to you have short-term until the end of the year and mid-term for the next 3-5 years?

Moore: Our aim is always to extend our record of consistent, above-average alpha generation.

e-fundresearch: Which results would you describe in 3 years time as very good, neutral or challenging?

Moore: Our target is to exceed the benchmark index, ideally by at least 2 percent per annum.  Our performance should be measured by our investors in the light of this target.

e-fundresearch: Are there any role models for your?

Moore: No.

e-fundresearch: What is motivating you in your role as a fund manager?

Moore: Intellectual challenge

e-fundresearch: What would you still like to achieve, resp. what are your further aims in your current role?

Moore: Statistically significant outperformance over time

e-fundresearch: Which profession (occupation) would you like to choose, if you were not fund manager?

Moore: Politics.

e-fundresearch: Thank you for the interview!


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