Skandia Investment Group’s (SIG) portfolio manager Lee Freeman-Shor is bringing back Wellington Management fund manager Dirk Enderlein into his Skandia European Best Ideas Fund (EBI) after a two year break.
Enderlein left EBI following his move from RCM to Wellington some two years ago. Since then he’s been establishing in his activities with the US fund management giant.
Now after two years, Enderlein has agreed to run a EUR34m mandate from Freeman-Shor who regards Dirk as Europe’s premier growth manager.
Freeman-Shor says: “ I’ve always been a real fan of Dirk – my highest conviction growth manager in Europe. When he last ran a mandate, from April 2008 until we were forced to part company, he outperformed the MSCI Europe index by over 19%. Now he’s firmly settled at Wellington I’m really pleased to be able to add him to the fund again.
“Given that I currently have ten mangers I’ve therefore decided to remove incumbent manager James Buckley. This opportunity cost decision was driven by the fact that I was keen for the portfolio to have exposure to the structural growth stocks that Dirk buys as well as his execution skills.
“The opportunity, from the fund’s perspective, was obvious to me. In my view if the best growth manager in Europe makes his services available to you, then you snap up the opportunity just like you would if Lionel Messi asked to play football for your team.”
Freeman-Shor went on to say that Enderlein was a “motivated” and “passionate” portfolio manager with skill born out by an excellent track record.
“Dirk invests only where he believes he has a genuine edge. He has a coherent and repeatable investment philosophy focusing on under appreciated structural-growth themes. This means that stocks bought are not dependent on the economic cycle.
“He seeks companies with above average long term growth in earnings and cash flows that the market has yet to fully anticipate. In the longer term he aims to explore investors’ tendency to focus heavily on short-term results. Above all Dirk is able to leverage the ideas of Wellington’s very well resourced team of global industry analysts,” says Freeman-Shor.