He's probably referring to Capital Group or Dodge&Cox.
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He's probably referring to
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ibleedexcel: I find it
I find it interesting that in all these posts the most coveted AM firm hasn't even been mentioned.
What is: the Capital Group.
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assuming we're not including
assuming we're not including hedgies in here
Perkins
Brandes
Davis (abysmal performance recently, but stellar long term)
Templeton
EIC (small company out of Atlanta, great performance and philosophy though)
Royce (great for small caps)
for bonds:
nuveen
PIMCO
met west/tcw
doubleline
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ibleedexcel: I find it
I find it interesting that in all these posts the most coveted AM firm hasn't even been mentioned.
Lumina Investments?
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we're not including elite
we're not including elite hedge funds
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Can somebody explain why
Can somebody explain why Capital Group is so well respected? I know the America growth funds are big and they have been around a long time, but the returns don't seem out of this world. Legitimately curious, not trying to hate at all.
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I'll chime in here. don't
I'll chime in here. don't know about prestige, but I think it's more name recognition & history which makes them respected. AF is one of the biggest asset managers in the world, and they have some of the oldest funds in the world (investment company of america). the returns are not out of this world for the entire firm, but ICA has had over a 12% return since inception 80 years ago. while that's an extremely long time and a very opportune time to start investing in US equities, it's still impressive in my opinion. other examples are american mutual (11% yoy since inception in 1950, one of the first non tobacco/alcohol funds), AMCAP (11% since inception 1967), and EuroPacific is one of the older (Brandes global equity is oldest I believe) international funds (also 11% yoy since inception 1984).
I agree, those are not insane returns, but I think compounding at 10%+ over 30, 40, 60, 80 years is a surefire way to financial independence. as far as analyst work, I'd bet that you would get more exciting work at a deep value/distressed shop than somewhere like AF where the process is pretty plain Jane.
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I'm fairly familiar with
I'm fairly familiar with Capital, though I've never worked there. I think the prestige really stems from their investment process, as well as the fact that they are a private company with over a trillion in AUM, which makes the economics pretty juicy for everyone relative to other big publicly traded long-onlys.
Things like a sizable research portfolio (signals conviction), portfolio counselor approach (e.g. 6-8 PMs each investing in their highest conviction ideas), truly global collaboration (enabled by best-in-class teleconferencing infrastructure), and a fairly 'academic' culture that encourages dissenting opinions make them much more likely to outperform over the long-run. If you meet some of their analysts, you will likely be very impressed. Whether its a guy that's been covering Indonesian equities for 25 years and is well connected to all of the political families, or some of their very senior tech ppl that have been around since eToys was still a good idea... they are sharp, and yet extremely approachable. That's not to say you won't find great career analysts at Fido, Putnam, TRowe, FranklinTempleton, Dodge etc., but it is just the norm over there.
You will get a lot of guys that will walk away from Citadel or Soros offers to join Capital, which is not really the case at other MFs in my experience. All that said, I agree that their performance has been slipping the past few years. If they can't correct that they will likely see some decent outflows. But given their process, I wouldn't really bet against them over a 10 yr horizon.
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I gave a banana for this very
I gave a banana for this very excellent summary of Capital. I agree with everything here. Capital is definitely a bit more cerebral and contrarian than the other mutual funds, and the caliber of talent there is exceptional. All the big mutua funds recruit regularly at my school, and Capital is the only place where no one can get an offer. From what I've heard, it's been several years since anyone got an offer there. They usually hire the best from just HBS and Stanford.
Capital has seen a $250 billion outflow since the financial crisis, so they are trying hard to recover. One area they're trying to get into is ETFs, so they can reach more customers and get rid of the middleman in terms of distribution.
Anyone know how Brandes is doing? They were at 70 billion AUM at its highwater mark, and last time I checked they were down to like $15. But this is a bit outdated.
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^^^ Don't listen to this
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I'm not listening to
In reply to Best asset management firms
I'm not listening to him.
Walkio: cold-calling and cold-emailing works at any firm when you get the right person on the phone.
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ranking is stupid. these are
In reply to Best asset management firms
ranking is stupid. these are the funds i know are good though.
small work cultures
1 tier. Wellington, MFS, T. Rowe, Dodge & Cox
2 tier. Putnam
large work culture
1 tier. PIMCO, Cap Group
2 tier. Fidelity, BlackRock
Most known companies, good places to start a career but not good places to keep working:
BlackRock& Fidelity
fidelity has pretty much the shittiest work culture ever.
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I've never heard anything
In reply to Best asset management firms
I've never heard anything particularly bad about Fidelity's culture. What makes you say it's so terrible?
ranking is stupid. these are the funds i know are good though.
small work cultures
1 tier. Wellington, MFS, T. Rowe, Dodge & Cox
2 tier. Putnamlarge work culture
1 tier. PIMCO, Cap Group
2 tier. Fidelity, BlackRockMost known companies, good places to start a career but not good places to keep working:
BlackRock& Fidelityfidelity has pretty much the shittiest work culture ever.
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Equity: 1. Capital Group 2.
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lol this is so funny
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lol this is so funny
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theBEEGEES wrote: I've never
In reply to Best asset management firms
I've never heard anything particularly bad about Fidelity's culture. What makes you say it's so terrible?
ranking is stupid. these are the funds i know are good though.
small work cultures
1 tier. Wellington, MFS, T. Rowe, Dodge & Cox
2 tier. Putnamlarge work culture
1 tier. PIMCO, Cap Group
2 tier. Fidelity, BlackRockMost known companies, good places to start a career but not good places to keep working:
BlackRock& Fidelityfidelity has pretty much the shittiest work culture ever.
This thread's silly, but I would like to know about this as well.
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ibleedexcel wrote: Equity: 1.
In reply to Best asset management firms
Equity:
1. Capital Group
2. Wellington
3. Dodge & Cox
4. T. Rowe
5. PrimeCap
6. MFS
7. Fidelity
8. BlackRockFixed Income:
1. PIMCO
Capital group is insanely selective. I think they only give like 1-2 full time post-MBA offers every year. I know a second year at booth who got Citadel global equities but got dinged at capital group.
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blackrock dude.
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Old post, I know... but could
In reply to Top Asset Management Firms
Old post, I know... but could anybody share thoughts on the AM arms of BBs? In particular, UBS Asset Management? Looking for a solid place to start a career out of (a target) undergrad.
Thanks!
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^^^ Don't listen to this person.