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Turnaround stars: most improved Italian equity managers revealed

Turnaround stars: most improved Italian equity managers revealed

With focus turning to the Sunday’s Italian general election, Citywire Global has sought to showcase the fund managers delivering the most marked improvement in the Italian equity sector.

Comparing two sets of 12-month performance data, we uncover which managers showed the biggest rise up the rankings in 2012 compared to where they were in 2011.

In this analysis we have opted to chart the rise of Italian equity managers during two tumultuous years for the Italian economic picture. This compares the performance between January 2011-January 2012 and that of January 2012-January 2013.

Here we found some stark improvements in performance, but which Italian equity manager has posted the most notable leap up the rankings ladder?

Isaac Chebar, DNCA Invest (+11)

  • Ranking January 2011-January 2012: 20/26
  • Ranking January 2012-January 2013: 9/26

Fund: DNCA Invest Italian Opportunities I

Showing one of the strongest improvements in performance is Isaac Chebar of Paris-based DNCA Invest.

Chebar, who runs three funds mainly covering European equities, has run the firm’s Italian equity strategy since February 2007.

Over the two periods of performance he has risen from 20th in the sector between January 2011 and January 2012 to sitting ninth in the rankings in the year to the end of January 2013.

Alberto Chiandetti, Fidelity (+15)

  • Ranking January 2011-January 2012: 16/26
  • Ranking January 2012-January 2013: 1/26
Fund: Fidelity Funds - Italy A-EUR

Euro Stars AA-rated manager Alberto Chiandetti tops the sector for his performance over the past 12 months. This was mainly achieved through a strong improvement in his position after sitting mid-table in the Italian equity rankings in the previous period of analysis.

The Milan-based manager took over the reins of the €278 million fund from former Citywire A-rated manager Mario Frontini in September 2008 and operates a concentrated contrarian approach.

He currently has a pronounced underweight to financials (13% below benchmark) and a slight overweight to the energy sector (2.3% above the index).

Alfonso Maglio/Giacomo Tilotta, SAI AM (+17)

  • Ranking January 2011-January 2012: 21/26
  • Ranking January 2012-January 2013: 4/26
Fund: AcomeA Italia A1

Providing the biggest turnaround in fortunes over the two sets of analysis are the SAI Asset Management duo of Alfonso Maglio and Giacomo Tillota, who co-run the €38 million AcomeA Italia fund.

During 2011-12, the pair were sat close to the bottom of the Italian equity sector but have improved to the point of being in the upper echelons of the rankings over the course of 2012-13.

Operating a value-orientated, mid-cap bias, Maglio and Tilotta currently hold Italian defence and aerospace conglomerate Finmeccanica as their biggest individual holding. This accounts for 5.29% of the fund according to the most recent available data.

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Alberto Chiandetti
Alberto Chiandetti
20/24 di Italia (Performance su un periodo di 3 anni) Ritorno medio: -2,82%
Isaac Chebar
Isaac Chebar
83/196 di Europa (Performance su un periodo di 3 anni) Ritorno medio: 4,83%
Giacomo Tilotta
Giacomo Tilotta
110/196 di Europa (Performance su un periodo di 3 anni) Ritorno medio: 2,68%
Alfonso Maglio
Alfonso Maglio