e-fundresearch.com: What is the current size of the fund?
Ariel Bezalel: 958 mln euros as at 31.12.2013
e-fundresearch.com: Do you also manage other funds or mandates?
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Ariel Bezalel: Yes, I manage a UK domiciled bond fund since it was launched in June 2008. I also manage a number of segregated mandates.
e-fundresearch.com: What is the total amount of assets you manage currently?
Ariel Bezalel: Overall I manage 2.6 billion sterling as of 31 December 2013.
e-fundresearch.com: How long have you been in the business as a fund manager?
Ariel Bezalel: After studying Economics at university, I joined Jupiter in 1997. A year later I became a member of the Fixed Interest and Multi Asset team. I have been a fund manager since 2008.
e-fundresearch.com: What are the main steps in your investment process and in which area is your competitive edge to add value to investors?
Ariel Bezalel: I combine top-down analysis with bottom-up security selection. The starting point of my investment process is to form a view on the macroeconomic environment. I will then take a view on the countries and sectors that are offer the most compelling opportunities. I also spend a lot time meeting management and researching company fundamentals, which might also involve drawing on research from Jupiter’s wider investment team.
Our competitive edge lies in the fact that the fund is managed on a “go-anywhere” basis. We are unconstrained by benchmark indices and we have the freedom to invest globally and across the ratings spectrum. This flexibility, in our view, has been a significant driver of returns.
e-fundresearch.com: Which benchmark is most relevant and how should investors compare the fund vs. benchmarks or peer groups?
Ariel Bezalel: The Jupiter Dynamic Bond SICAV fund is benchmarked against the Barclays Pan European Aggregate: Corporate index. It sits in the FO Fixed Interest-Global TR in EU sector. As I have already mentioned though we are not benchmark constrained, which does allow us to exploit more esoteric opportunities not always available to other bond fund managers while allowing us to actively manage duration and other portfolio risks.
e-fundresearch.com: Which performance did you achieve for the fund YTD and since launch in absolute terms and relative to relevant benchmark or other reference indices?
Ariel Bezalel: The fund is up 7.9% year to date versus a benchmark gain of 1.5%. Since launch, the fund is up 18.4% compared to a return of 8.8% for the benchmark as of 31 December 2013.
e-fundresearch.com: What motivates you in your job?
Ariel Bezalel: I enjoy the intellectual stimulation of running a fund. I can combine my passion for macro-economics with the pleasure I get from analysing companies and identifying opportunities where we can invest.
e-fundresearch.com: Which other profession would you have considered apart from becoming a fund manager?
Ariel Bezalel: Finance has always been a strong focus for me but had I not become a fund manager, I may have ended up working in the family business, which is jewellery.
e-fundresearch.com: Thank you!