Global equities boutique Five Oceans asset Management has appointed two analysts, bringing its headcount to 11, while also launching a 130/30 fund.

Tim Blake, formerly with Macquarie Bank’s direct investment and co-investment team, and Duncan Anderson, who last worked with the private wealth arm of Goldman Sachs JBWere, joined the manager in recent weeks to work on investment ideas with senior staff.

“We’re looking for smart people with relevant experience that are open to being moulded to our process,” Ross Youngman, Five Oceans chief executive officer, said.

The recruits would not concentrate any specific sector or theme but assist senior investment staff “flesh out” stock ideas, he said.

Recently, the manager has bought into “weaknesses” to gradually build upon the conservative positions it set in March 2008. It had bought consumer discretionary companies as they were spurned by the market, and increased holdings in energy stocks, such as Rio Tinto, when investors were concerned about the miner’s balance sheet. It has also bought up financial and IT companies.

“Our approach is to look for strong franchises – whether they come from the defensive or cyclical side – and don’t focus on cyclical rotations,” Youngman said. 

Meantime, in late 2008 the fund launched a 130/30 fund with a similar strategic grounding to its flagship product, the high-conviction, long-biased Five Oceans World Fund, although its currency positions are hedged to a lesser extent.

The 130/30 product, called the Five Oceans Global Equity Extension Fund, is managed by Kim Tracey.

Youngman said the quality of applicants to the analyst positions given to Blake and Anderson was very high, and not all of the job-seekers were unemployed.

“Both Tim and Duncan were employed. If you want to analyse global businesses, there are only a couple of places in which you can do it.”


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