23/02/2011
Globetrotter fund from HMG combines high inflows and performance
p { margin-bottom: 0.08in; } As of the end of January, the Globetrotter FCP fund from HMG Finance, which since 2005 has been managed by Marc Girault, and co-managed since 2009 by Paul Girault, has over EUR200m in assets, compared with EUR180m at the end of December, and barely EUR50m at the end of 2009 (see Newsmanagers of 21 June 2010). “This increase in assets is due on the one hand to returns of 36.2% in 2010, and 34.5% on one year to the end of January, and on the other hand to large-scale net subscriptions,” Marc Girault, director of management, explains to Newsmanagers. He adds that the fund ranks in a very exclusive circle (the top percentile) among international securities funds in the Morningstar rankings for 2010, and that it was the best product in its class in the Lipper 2010 rankings for 3 and 5 years, after already finishing top over three years in 2008 and 2009.The two funds Découvertes (French small and midcaps) and Rendement (opportunistic), although they place well for performance, have only EUR20m each, while assets at HMG Finance now total as much as EUR350m, compared with EUR250m in June 2010.With this inflow of subscriptions, Marc and Paul Girault have increased the number of positions in the portfolio to 105-110 positions, up from 70, in order to enlarge their investment base, and they have added 4-5 countries to their list. The turnover rate remains low, at about 20%, because the Globetrotter is not a trading fund, and because volatility fell steeply last year compared with 2008 and 2009.
