Loomis, Sayles & Company, an affiliate of Natixis Investment Managers, has announced it has launched its Global Bond Fund (the ‘Fund’) as an offering to Australian wholesale investors. 

The Fund objective combines macro themes and a bottom-up approach to provide investors with diversified opportunities in fixed income with expected sources of excess return in credit, currency, and duration.  

The investment strategy for the Loomis Sayles Global Bond Fund is designed to replicate the Loomis Sayles Global Aggregate Bond (AUD hedged) composite.  Since its inception in 1998, the composite has delivered a net return of 1.06% per annum above its benchmark, the Bloomberg Global Aggregate Index, hedged to AUD*.

The Fund is jointly managed by Loomis Sayles’ co-heads of global fixed income Lynda Schweitzer, Scott Service, and David Rolley, who have been working together for over two decades and have 114 years’ of combined experience.

“We are delighted that Australian wholesale clients will be able to access our strategy for the first time. It has been well-tested to deliver long-term sustainable returns through almost 40 years of market cycles including such extreme events as the dot com boom and bust, the global financial crisis and the Covid pandemic.

We have been working with Australian and global clients for more than 25 years, so we believe we understand their needs as well as how to deliver on these through flexible fixed income solutions.

“Our investment approach is informed by our global research team who use timely data to inform our perspective on global markets. Our discipline, diligence and experience gives us the confidence to be opportunistic and aggressive when bond markets are in dislocation, to find great value for our clients,” said Lynda Schweitzer, portfolio manager and co-head of global fixed income, Loomis Sayles. 

“Loomis Sayles is truly one of the global giants of fixed income. We have been working with Lynda, Scott and David for many years and their strategy is one of the most popular and successful with our institutional clients, so we’re excited to now be able to introduce them to our wholesale clients as well. They have a long and impressive record of delivering fixed income solutions that have met our clients’ investment objectives, without taking excessive risk. With interest rates now back to more normal historic levels and fixed income yields looking more attractive, but markets still volatile and the geopolitical landscape uncertain, we have been seeing consistently high demand for actively managed fixed income solutions among our clients and we expect this to continue.” said Natixis Investment Managers Country Head Australia and New Zealand Louise Watson. 

Australian institutions have invested with the Loomis Sayles Global Bond team since 1998. The Fund is actively managed, investing primarily in a broad universe of investment-grade fixed income securities globally and is hedged to the Australian dollar.  

Equity Trustees has been appointed as the Responsible Entity of the Fund, and are a valued long term partner of Natixis Investment Managers Australia.

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Colleen Denzler

Loomis, Sayles & Company has announced that Colleen Denzler, CFA, has been named the firm’s head of ESG (environmental, social and governance). Colleen, who is based in Boston, will report to David Waldman, chief investment officer.

As head of ESG, Colleen – who brings significant ESG, investment and leadership experience to Loomis Sayles – will advance the firm’s already well-established ESG initiatives, support sustainability efforts as part of Loomis Sayles’ own governance, ensure investment teams have access to ESG data and research, and help to provide solutions for our clients’ increasing ESG needs. Together with the firm’s dedicated ESG team, Colleen will:

• work across the entire firm to refine ESG priorities, goals, metrics and criteria, as well as maintaining alignment with the ever-evolving regulatory requirements for ESG
• partner with investment teams to identify how ESG considerations may be further incorporated into their investment processes and to determine areas of engagement with companies in which they invest
• collaborate with various industry groups to foster best investment management practices, and
• communicate Loomis Sayles’ approach to sustainability and ESG to clients and stakeholders.

In addition, Colleen will oversee the existing firm-wide ESG committee structure to provide strategic support to Loomis Sayles’ investment teams, conduct internal education and serve as a thought leader on material sustainability issues. “

Prioritizing ESG and sustainability – which meaningfully impact the global economy, the financial markets and society at large – is a matter of fiduciary responsibility and good stewardship of clients’ capital,” said Kevin Charleston, chief executive officer. “We are fortunate to have a professional of Colleen’s caliber guiding the next phase of the firm’s commitment to integrating ESG considerations into our investment processes as we seek to create long-term value for our clients.”

“Good governance and sustainable business practices are inherent factors in our decision-making as long-term investors who seek to deliver superior long-term, risk-adjusted returns to our clients,” said David Waldman, chief investment officer. “Colleen’s extensive background will be an asset as we strive to leverage ESG insights and data in our investment processes and to design products consistent with clients’ ESG objectives.”

Over her more than 35 years in the asset management industry, Colleen has held a number of investment and ESG leadership roles. She began her career at Calvert Asset Management, an early leader in responsible investing, where she was an ESG portfolio manager and analyst. Colleen went on to leadership roles at Janus Henderson, where she was Global Head of Fixed Income Strategy, and American Century Investments, where she was a senior Portfolio Manager and Head of Money Markets. She then served as Chief Investment Officer of First Affirmative Financial Network, a sustainable investment focused RIA, and president of its industry-leading SRI Conference. Colleen later leveraged her expertise as a strategic advisor to asset managers on ESG and sustainable investing. Most recently, Colleen led ESG integration efforts at Smith Capital Investors.

Loomis Sayles became a signatory to the United Nations-supported Principles for Responsible Investment (PRI) initiative in 2015 and is a signatory to the UK Stewardship Code.

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The Loomis Sayles Euro Credit team is based in Loomis Sayles’ new European office, Loomis Sayles & Company, L.P. – Dutch Branch, located in Utrecht, Netherlands. The team (seven portfolio managers and one product manager) will be co-led by portfolio managers Rik den Hartog and Pim van Mourik Broekman. They join Loomis Sayles from Kempen Capital Management.

Loomis Sayles Euro Credit Team

• Rik den Hartog, co-head, portfolio manager
• Pim van Mourik Broekman, co-head, portfolio manager
• Luuk Cummins, portfolio manager
• Sipke Moes, portfolio manager
• Quirijn Landman, portfolio manager
• Marco Zanotto, portfolio manager
• Ronald Schep, portfolio manager
• Jeroen Potma, product manager

“We believe the Euro Credit team has the potential to add something unique and exceptional to our organization. We are excited to welcome them to Loomis Sayles and establish our presence in the Netherlands,” said Kevin Charleston, chairman and CEO. “Similar to all Loomis Sayles investment teams, their investment process is rooted in a differentiated investment philosophy, which has a strong track record of alpha generation.”

Louise Watson, Managing Director: Head of Distribution, Australia & New Zealand, for Natixis Investment Managers said, “I’m proud to see our affiliate manager, Loomis Sayles, expand further globally. Loomis Sayles’ fixed income and global credit strategies have been of particular interest to our local clients thanks to their research-based, active management style with incorporation of ESG factors.”

The foundational belief that underlies all of the team’s strategies is that credit markets are inefficient and rigorous research can access opportunities. The team seeks to generate alpha by combining a top-down view with bottom-up investment analysis when constructing portfolios. They feature a strong risk orientation and focus on quality. ESG analysis is incorporated into the fundamental research conducted by every portfolio manager. Additionally, the team takes an active engagement approach with issuers and uses their investor influence to shape corporate behaviors.

“The three strategies we are launching today play an important role in our investment lineup, particularly for our large and growing book of clients in Europe and the Middle East, for whom European credit and ESG are critical components of their portfolios,” said Chris Yiannakou, head of EMEA institutional services. “These investors have a stellar reputation and we’re so pleased to welcome them to Loomis Sayles and offer our clients a competitive and truly differentiated investment capability that complements our diverse product suite and reinforces our global reputation for investment excellence.”

“Loomis Sayles is a well-respected active asset management firm with a powerful global distribution platform and we are very enthusiastic about joining the organization,” said Pim van Mourik Broekman, portfolio manager and co-head of the Loomis Sayles Euro Credit team.

“We are impressed with the professionalism, infrastructure and international character of Loomis Sayles and we look forward to playing an integral role in building out a broader European presence for the firm,” added Rik den Hartog, portfolio manager and co-head of the Loomis Sayles Euro Credit team.

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Citywire used their proprietary database and methodology to put together a list of the 20 women with the highest levels of risk-adjusted returns over the past three years (through October 31, 2019). The selected managers also needed top-quartile absolute returns in their particular investment disciplines over that period.

In congratulating Eileen, Loomis Sayles’ CEO Kevin Charleston said “Citywire data show that just 10.8% of all managers in their global database of 16,040 are women. Here at Loomis Sayles, nearly 30% of the firm’s portfolio managers are women. While we’re proud to be above average, we recognize there is still significant room for progress. As Eileen and the other talented women across our firm prove, Loomis Sayles is stronger with their expertise.”

Eileen’s expertise in global equities is available to Australian retail investors via the Loomis Sayles Global Equity Fund which she co-manages with Lee Rosenbaum. The Fund uses a disciplined, bottom-up, unconstrained approach to investing. Based on deep, fundamental research, the team selects a concentrated portfolio of high-quality companies with the ability to grow their intrinsic value. The Fund was launched in partnership with Investors Mutual in November 2018.

The Loomis Sayles Global Equity Fund is now available on most leading platforms including MLC, Macquarie, BT and Asgard. The Fund has been awarded a ‘Recommended’ rating by Zenith, while SQM Research assigned a ‘4-star Superior’ rating. The Fund has also been rated by Lonsec, the report is available on request.

Eileen began her investment industry career at Loomis Sayles in 1998 as a member of the international equity team. After pursuing her MBA, Eileen returned to Loomis Sayles as a senior global equity analyst covering the consumer and technology services sectors for the firm’s central research group. She later joined the global equity team as a dedicated product analyst. Eileen was promoted to portfolio manager in 2013. Previously, she was a Fulbright student grant recipient in Germany. She earned a BA with honors from Amherst College and an MBA from Harvard Business School.

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The Fund seeks to maximise risk-adjusted return potential by investing in in global investment grade credit, global high yield credit, bank loan, securitized, and emerging markets sectors based on the current phase of the global credit cycle. Portfolio investment decisions are made on the basis of top-down and bottom-up research undertaken by Loomis Sayles’ alpha strategies team. The Fund is co-managed by portfolio managers Andrea DiCenso, Tom Fahey and Kevin Kearns.

Managing Director of Natixis in Australia, Louise Watson, commented, “Investors are telling us they want a range of fixed-interest securities in their portfolios, to provide diverse sources of income – by geography, industry and sector. However, some investors may not have the resources to manage such a diverse portfolio. Outsourcing the asset allocation decisions between the wide range of credit asset classes on offer, allows the investors to be nimble and act on opportunities within fixed interest as they arise. Quite a few have told us that by the time they act on an opportunity, it’s too late, and they’ve missed the boat.”

The Fund aims to offer investors a diversified income portfolio, made up of a range of credit securities including global investment grade credit, global high-yield credit, bank loans and emerging markets.

Co-portfolio Manager Kevin Kearns, explained, “Our investment process is fundamentally research-driven, but it is also tactically opportunistic in that we move quickly to capture credit risk premiums around the world in a range of asset classes and credit instruments,” Mr Kearns explained.

Mr Kearns went on to stress the importance of understanding credit cycles. According to Mr Kearns, to really benefit from potential opportunities in credit markets, an investor must first analyse where a country is in its credit cycle, then determine the securities with the highest risk premia opportunities for that specific regime within the cycle.

“By looking at credit opportunities in this way and adjusting our portfolio accordingly, we offer investors the chance to act quickly, both offensively and defensively, and to increase their exposure to diversified sources of income,” he said.

Ms. Watson ended by saying that that she believes that this strategy can deliver strong returns in this low yielding environment.

“Now is the right time for Australian investors to seriously consider a multi-asset credit strategy. These strategies, where the manager understands the global credit cycle and the upside and downside of every single security and what is driving the value of each company, are ideally suited to the current low interest rate, high volatility environment. And they should become even more helpful as rates begin to normalise. Global markets move quickly – and that’s why an active, research-driven approach is the best way to identify where income opportunities are right now, and move quickly to capture them,” Ms. Watson said.

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Kevin Charleston

Global active manager Loomis, Sayles & Company L.P. (Loomis Sayles), an affiliate of Natixis Investment Managers, has partnered with Investors Mutual Limited (IML) to launch a new global equity fund to the Australian retail market. The Loomis Sayles Global Equity Fund will be distributed to Australian advisers and direct investors by IML as responsible entity for the Fund. 

Founded in 1926, Loomis Sayles manages over USD $249.7 billion in assets for clients worldwide. The Fund launch means Australian advisers and investors will have access to Loomis Sayles’ attractive, sustainable returns, via the Loomis Sayles Global Equity Fund. The Fund is co-managed by Eileen Riley and Lee Rosenbaum.

Loomis Sayles’ CEO, Kevin Charleston is in Australia this week for the inaugural Loomis Sayles national adviser roadshow, hosted by IML. Commenting on the launch, Mr Charleston said: “As a high conviction active investor, Loomis Sayles takes a disciplined, research-driven approach. When it comes to this global equity strategy, our focus is on providing investors with access to the best ideas from around the world –investing in quality businesses with strong underlying fundamentals; the capability to grow their intrinsic value; and attractive valuations.”

IML Investment Director, Anton Tagliaferro, said the launch is in response to investors’ and advisers’ demand for high-quality global equities products.

“Australian investors and advisers are searching for diversification and a global perspective, and as a result, there is strong demand for access to global equity products that focus on long-term investment outcomes. The Loomis Sayles team has a demonstrated track record that we expect will be very well-received in the local market,” explained Mr Tagliaferro.

“IML is known in the market for our discipline and commitment to research, combined with a long-term investment view. That’s why the Loomis Sayles Global Equity Fund is a good fit for our distribution team – it gives investors access to a well-established, specialist global manager, with research-based, in-depth market knowledge, and the ability to move quickly, and we believe it will be welcomed by local investors seeking global diversification.”

Mr Charleston added that Loomis Sayles had a long-term commitment to the Australian market.

“Loomis Sayles has been serving institutional clients in Australia for over 20 years, and we remain committed to investors in this market. With IML, we are now offering our global equities capability to retail investors direct and via the advisory market. One of the Fund’s Portfolio Managers, Eileen Riley, has joined me on this visit, and the team will be travelling to Australia regularly to ensure that investors in our Fund are regularly updated,” he explained.

The Loomis Sayles Global Equity Fund is available to advisers on the Netwealth and Hub24 platforms. It has also received strong interest from advisers attending an IML-hosted national roadshow featuring Loomis Sayles’ CEO, Kevin Charleston, and Loomis Sayles Global Equity Fund Portfolio Manager, Eileen Riley, this week.

 In further endorsement of the Loomis Sayles Global Equity Fund, it was recently awarded a Zenith ‘Recommended’ rating and a 4 star ‘Superior’ rating from SQM research.

Loomis Sayles is an affiliate of Natixis Investment Managers, the global multi-affiliate fund manager. IML became a fellow-affiliate when Natixis acquired an interest in 2017.  

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Loomis, Sayles & Company manages USD $267.3 billion in assets and looks far and wide for value – across traditional asset classes and alternative investments – to pursue attractive sustainable returns for clients worldwide. Founded in 1926, Loomis Sayles has been serving institutional clients in Australia for over 20 years.

In their review of the Fund, Zenith’s report states: “Zenith believes the research process is rigorous and structured, with portfolio manager oversight ensuring analysts remain focused on the most promising opportunities.”Zenith also notes that the Fund’s investment team is supported by the broader Loomis Sayles research capabilities with breadth of investment resources providing the investment team with a competitive advantage serving to enhance its own research.

Lee Rosenbaum and Eileen Riley, CFA, co-portfolio managers of the Loomis Sayles Global Equity Fund are delighted with the rating as the Fund launches into Australia.

Co-Portfolio Manager Lee Rosenbaum said: “Investing in the best ideas from around the world and identifying business’ underlying fundamentals is key to performing well over the long term in international equities. This is what we seek to achieve with the Loomis Sayles Global Equity Fund. Receiving the Recommended rating is a reflection of the quality of our investment team as well as the investment philosophy of the Fund.”

IML Head of Retail, Wayne McGauley, explained: “The team has a proven track record that we believe is very attractive to Australian investors, especially given the experienced and well-resourced team that runs the money out of Boston. We are also pleased to announce that the Loomis Sayles inaugural Australian adviser roadshow will be held across Australia in the first quarter of 2019.”

Loomis Sayles is an affiliate of Natixis Investment Managers, the global multi-affiliate fund manager. IML became a fellow-affiliate in 2017.

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