U.S. Lipper Award winners bet big on Brexit, global slowdown GlobeInvestor
Japanese automakers, a U.S. municipal bond insurer caught up in the Puerto Rican debt scandal, and UK’s largest online classified advertising site for used cars are among the top picks by equity fund managers who received a U.S. Lipper Fund Award in New York on Thursday night.
“We’re trying to be relatively focused and concentrated , which should help us pick our spots and find opportunities despite what the broader market may do,” said Todd Beiley, a portfolio manager of the $4.6 billion Virtus KAR Small-Cap Growth fund. Matthew Finn, co-portfolio manager of the $698 million Thrivent Small-Cap Stock fund, said he remains bullish on Assured Guaranty Ltd, a municipal bond insurer ensnared in legal cases regarding Puerto Rico’s plans to restructure about $120-billion of debt and pension obligations in federal court.
“The group is now trading at levels typically seen during periods of severe economic stress,” she said. “At these levels, the market is pricing in significant deterioration in earnings and capital levels reminiscent of prior crises, and yet fundamentals have greatly improved.”
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