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Morningstar Fund Times
Vanguard also announced that Jeremy Hosking, part of Marathon Asset Management's team on Global Equity, will retire at the end of the year.
Jeremy Hosking: Vanguard Global Equity (VHGEX)Investors seeking maximum long-term growth of capital plus broad diversification across global markets have a fine choice here in the Vanguard Global Equity Fund (VHGEX) subadvised by Mr. Jeremy Hosking of Marathon Asset Management Ltd. of London.
FundAlarm Discussion Board
Fund Manager Focus: Jeremy Hosking, Manager, Vanguard Global Equity Fund! - Ted 02:12:21 01/24/03 (0)
Jeremy Hosking: Vanguard Global Equity (VHGEX)Jeremy Hosking: Vanguard Global Equity (VHGEX)Investors seeking maximum long-term growth of capital plus broad diversification across global markets have a fine choice here in the Vanguard Global Equity Fund (VHGEX) subadvised by Mr. Jeremy Hosking of Marathon Asset Management Ltd. of London.Hosking is a seasoned investment professional, getting his investment start in 1981.Hosking holds an M.A. Degree from Cambridge University. In 1986, Mr. Hosking joined Marathon Asset Management in London, and today serves as Director of Investments in the Americas and Southeast Asia at Marathon.Between 1979 and 1986, Mr. Hosking was a director and portfolio manager with GT Capital Management, where he specialized in Southeast Asian investments. Hosking/Marathon Asset Management has served as the sub-advisor to the Vanguard Global Equity Fund since its inception in 1995.The London office of Marathon Asset Management where Hosking is situated uses a blend of qualitative, non-consensus disciplines to construct diversified portfolios which exhibit a core market, dynamic value bias.The firm applies its approach to different international, global and regional mandates, including the fund management of the Vanguard Global Equity Fund. In pursuit of the fund's long-term growth of capital objective, Hosking will invest in stocks from the U.S. and other countries, selecting those that appear to be undervalued based on analyses of industry sectors and individual companies.Hosking may look at such things as management's strategies are for new investment or for dealing with competition when evaluating companies.In terms of style, Hosking holds growth stocks, characterized by relatively high price valuations and value stocks, characterized by relatively low price valuations.Accordingly, the fund falls into the blend style box per Morningstar.Overall, the fund had a mid-cap bias at September 30, 2002, with 46% of assets held in the mid-cap sector.Almost one third was invested in large-caps. In addition to investing in the cash markets, Hosking can invest in stock futures and options contracts, and swap agreements.He may also use forward currency exchange contracts to protect fund investments from price declines caused by changes in FX exchange rates.The website notes the fund doesn't expect to commit more than 20% of its assets to such contracts. Investment Performance In comparison to his world stock category peers, Mr. Hosking has produced high total returns over the past three years, with just average relative risk, per Morningstar, earning it a Morningstar highest 5-star rating for risk-adjusted performance.You can see the superior performance that Hosking and Marathon Asset Management have delivered for investors on an annualized basis during the trailing 3- and 5-year periods, with the fund ranking in the top decile of the Morningstar global stock fund category.It sports a positive annualized total return of 4.4 percent in the last five years versus an annualized loss of 1.5 percent for the Morningstar world stock fund average, so credit is due here. Lipper Analytical Services also recognizes the job that Hosking has done in good and bad times too, giving the fund its highest ratings for Total Return, Preservation and Expense and an above average rating for Consistent Return. At 16%, the fund's average standard deviation (volatility) over the past three years, per Morningstar, is comparable to the 17% category average.So Hosking has outpaced his world stock fund peers by a wide margin while not exceeding the category average for risk (volatility), producing a superior reward/risk tradeoff for investors. Conclusion Hosking's buy-and-hold approach results in low turnover and low expense, which in turn helps to boost fund performance relative to other world stock funds.Low turnover funds also have lower capital gains distributions in general, adding to their overall appeal in regular accounts. Maintaining a diversified portfolio, combining value and growth, and investing across capital sectors are a few of the ways that Hosking and Marathon Asset Management go about controlling risk.
A more unusual way of showing support for Brexit has come from Jeremy Hosking of Marathon Asset Management.
Mr Hosking, who has donated £500,000 to the leave campaign, owns 13 steam locomotives, 10 of which either already are or will eventually be registered to run on our main lines. Tomorrow, the Referendum Express, hauled by No 46100 Royal Scot, owned by Mr Hosking, will run from Crewe to York.