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Suddenly the demand for space is reducedThe first is that the plan is finally outThey are now even more fruit that the situation is goodIt is the controversy of golden parachutesBecause the David Calhoun case is not isolatedDisadvantage Sarkozy has repeatedly said that he did not want to hear5 of the title Friday is only provisionalFirst a business plan that takes the roadAnd yet early March the EDF window closedA true business leader is an entrepreneurIn its founding principles, MFS Investment Management, a U.S. Corporation still little known in France although it is now part of the first twenty foreign in the CAC 40 shareholders, relies on the following conclusion: any individual has a monopoly on good ideas and best investments most often result from discussions and rigorous analyses in common.
In its range of products, the MFS Meridian Funds Fund - European Equity, led by the London branch of the group, illustrates its commitment to this principle. Represented by Gabrielle Gourgey, this Fund has the particularity to be co-managed by nine financial analysts. Gabrielle Gourgey is also not defined as Manager but as a "Coordinator of the Fund" and "associated with Portfolio Manager. "The shade is not trivial," she insists. "My mission is to represent the Fund outside, to requests for institutional clients, to animate the debates in the selection process and to ensure that the composition of the Fund remains balanced." But, on a daily basis, the choice of values lies exclusively with financial analysts.
Each week, the team meets to discuss the best ideas of purchases and sales, discuss their investment assumptions, assessing all the risk... Purchasing decisions are then adopted by a majority vote. Profits in logic to the end. "Each analyst is responsible for its sector and can achieve arbitrations without requiring a vote." "However it must notify these changes as they are likely to modify the profile and the volatility of the Fund," says Gabrielle Gourgey.
This process of selection to several voices is a portfolio of "convictions", without any sectoral compulsion, style or size of capitalization. "In theory, the team can call portfolio as it wishes, although some rules were arrested for risk taking." But, in practice, the deviation in relation to the indices is much less marked than in "beliefs" funds led by one single Manager. "Because each analyst must justify his positions, which quite naturally contributes to balance Fund," she says.
Among the strong convictions of the time, Gabrielle Gourgey takes for example Legal & General, a lines recently incorporated. "Life is a growing." But, in this growing segment, its market shares are in constant increase in the United Kingdom since the mid-1990s. The analyst in charge of the financial therefore anticipates strong growth in cash flow. "Given the clarity of the scenario, purchase therefore was voted with a strong majority", she said.
Gabrielle Gourgey also cites two large positions of the Fund, Nestlé and Total selected for growth through exploration and its discipline in its investment spending. In its choice, the team relies on a few themes, such as health, that the Fund declines through different profiles of values. It includes both rock, one of favorites of the market, Actelion, a niche in growth, or laboratories GlaxoSmithKline, bet's designs. The analyst in charge of the pharmacy, the pipeline is grossly undervalued and the group appears as one of the better positioned on the horizon from 2008 to 2009. Quite consensually, team has therefore maintained the position despite shaking. "However, we have reduced our positions on the"utilities", one of the central themes of the portfolio at the beginning of the year, says.". With speculation about the movement of reconciliation, valuations have increased significantly. Immediately after the Iberdrola offer, the analyst in charge of the sector therefore assigned the line, decisions of sales under its responsibility.
Overall, the values remain however selected to the case by case. Although unfavourable to the telecom team and voted to Telenor, one of the few operators whose incomes are growing, in large part through its diversification in Ukraine and Russia.
On a case by case, the team also retained the agrochemist Syngenta and UBS. As summarized by Gabrielle Gourgey, "in this sector where most of the large cap are struggling to grow their revenues, of UBS's long-term growth prospects are more favourable." Its revenues are not only less volatile, but in addition generate higher margins. In addition, the Group reverse each year between 6 and 9 of its capitalization via dividends and redemptions of shares.
