Wir verwenden Cookies um Ihnen mehr Benutzerfreundlichkeit bieten zu können. Durch die weitere Nutzung der Webseite stimmen Sie der Verwendung von Cookies zu. Mehr Infos

Zweimal pro Woche - Kostenlos per E-Mail.

Der Newsletter ist selbstverständlich kostenlos und kann jederzeit abbestellt werden.

Innovative Equity Total Return Strategy

The objective of the BSF European Opportunities Extension Fund is to maximise total returns through the use of an extension strategy which means typically taking both long and short positions. Managers | 27.02.2014 15:00 Uhr
David Tovey, fund manager of the BSF European Opportunities Extension Fund
David Tovey, fund manager of the BSF European Opportunities Extension Fund
e-fundresearch.com: Mr. David Tovey, you are the fund manager of the BSF European Opportunities Extension Fund (ISIN: LU0313923228). When did you take over the responsibility of managing this fund? David Tovey: I have been responsible for the fund since its launch on 31 August 2007

e-fundresearch.com: What is the current size of the fund?  

David Tovey: EUR 174.6 million as per 11 February 2014

e-fundresearch.com: Do you also manage other funds or mandates?

David Tovey: I also manage the BGF Swiss Small & Mid-Cap Opportunities Fund and co-manage the BlackRock Aletsch Hedge Fund

e-fundresearch.com: How long have you been in the business as a fund manager?

David Tovey: Since 1998.

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?

David Tovey: The BlackRock European Opportunities Extension Fund is an enhanced European equity fund that seeks to maximise total returns through the use of an extension strategy. Use of an extension strategy means  the fund typically takes both long and short positions, along the following broad criteria. For long positions on the one hand, these are typically companies with a sustainable competitive advantage, steady cash flows and with opportunities to invest, allowing for compounding of returns. On the other hand we take synthetic short positions where we have a strong conviction that the stock price will fall. This can typically be a mix of structurally challenged businesses and stocks with potentially negative earnings surprises.

The fund intends to take full advantage of the ability to invest in derivatives providing synthetic long and/or synthetic short positions with the aim of maximising positive returns. It benefits from BlackRock's extensive real time risk analytics which are available on the desk top as well as regular meetings with the RQA team which provide additional insights into the fund risk profile, such as macro / economic stress tests, style and factor changes, market volatility and correlations.

The fund’s universe captures, in our estimate, in excess of 2,000 companies with a very broad range of styles and characteristics. Idea generation is the first step of the investment process and important to ensure that there is a continuous flow of new ideas entering the team's proprietary research process. Following idea generation, we spend time analysing a company’s market dynamics, revenue drivers, financial statements, valuation and risks to the central scenario. We seek to understand the factors that influence a share price and as well as what the market is anticipating or missing. The portfolio construction process aims to draw from the extensive in-depth company research conducted by teamsector analysts. Sector and factor exposures are principally the result of stockselection. The portfolio typically holds between 100 and 150 stocks.

e-fundresearch.com: Which benchmark is most relevant and how should investors compare the fund vs. benchmarks or peer groups? 

David Tovey: As bottom-up stock pickers focusing on fundamental analysis, our investment decisions are not based on index composition. Instead, it is the company’s individual characteristics and valuation which are the main determinantsbehind the purchase of securities, irrespective of the inclusion or weighting of a company within an index. However, risk is measured at the portfolio level relative to the S&P Europe BMI Index (Developed Markets only), so overall positioning is ‘index aware’. Furthermore, where investment ideas are large index weights the ‘active weight’ is considered when sizing the position rather than the absolute.

e-fundresearch.com: Which performance did you achieve for the fund YTD and over the past five calendar years in absolute terms and relative to relevant benchmark or other reference indices?

David Tovey: In 2013, our BSF European Opportunities Extension Fund has gained 44.94 percent, nearly twice as much as the S&P Europe BMI Index (Developed Markets only) with 22.32 percent. In 2012 it has been 22.92 percent for the fund against 19.09 percent for the index, in 2011 minus 8.79 percent versus minus 8.59 percent. In 2010, our fund has advanced by 19.43 percent while the index has made 13.62 percent. In 2009 it has been 46.83 percent for our fund against 43.41 percent for the index. Given those results, our BSF European Opportunities Extension Fund is ranked in the top Morningstar quartile.

e-fundresearch.com: Thank you!

All winners of the Lipper Fund Awards 2014

Performanceergebnisse der Vergangenheit lassen keine Rückschlüsse auf die zukünftige Entwicklung eines Investmentfonds zu. Wert und Rendite einer Anlage in Fonds können steigen oder fallen. Anleger können gegebenenfalls nur weniger als das investierte Kapital ausgezahlt bekommen. Auch Währungsschwankungen können das Investment beeinflussen. Beachten Sie die Vorschriften für Werbung und Angebot von Anteilen im InvFG 2011 §128 ff. Die Informationen auf www.e-fundresearch.com repräsentieren keine Empfehlungen für den Kauf, Verkauf oder das Halten von Wertpapieren, Fonds oder sonstigen Vermögensgegenständen. Die Informationen des Internetauftritts der e-fundresearch.com AG wurden sorgfältig erstellt. Dennoch kann es zu unbeabsichtigt fehlerhaften Darstellungen kommen. Eine Haftung oder Garantie für die Aktualität, Richtigkeit und Vollständigkeit der zur Verfügung gestellten Informationen kann daher nicht übernommen werden. Gleiches gilt auch für alle anderen Websites, auf die mittels Hyperlink verwiesen wird. Die e-fundresearch.com AG lehnt jegliche Haftung für unmittelbare, konkrete oder sonstige Schäden ab, die im Zusammenhang mit den angebotenen oder sonstigen verfügbaren Informationen entstehen.

Melden Sie sich für den kostenlosen Newsletter an

Regelmäßige Updates über die wichtigsten Markt- und Branchenentwicklungen mit starkem Fokus auf die Fondsbranche der DACH-Region.

Der Newsletter ist selbstverständlich kostenlos und kann jederzeit abbestellt werden.

Für diesen Suchebgriff konnten wir leider keine Ergebnisse finden!
Fonds auf e-fundresearch.com

Weitere Informationen zu diesem Fonds Kennzahlen per 30.09.2019 / © Morningstar Direct
Bereiche auf e-fundresearch.com
NewsCenter auf e-fundresearch.com
Kontakte auf e-fundresearch.com

{{ contact.email }}

{{ contact.phonenumber }}

{{ contact.secondary_phonenumber }}

{{ contact.address }}

Weitere Informationen im {{ contact.newscenter.title }} Newscenter
Artikel auf e-fundresearch.com