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Fund in focus: Pictet AM's Digital strategy sees performance slip

Taking a closer look at Pictet Asset Management's Digital fund.

Fund managers:

Pictet Asset Management's Digital fund is co-managed by AA-rated Sylvie Sejournet (pictured), Olivier Djopwouo and Stanislas Effront.

Sejournet has been working for Pictet for over a decade, and had been consistently AAA rated between October 2017 and October 2018. Prior to Pictet, she worked at Fortis Bank for eight years.

Djopwouo and Effront are new additions to the management team. They were appointed following Nolan Hoffmeyer's September exit from the bank.

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Fund managers:

Pictet Asset Management's Digital fund is co-managed by AA-rated Sylvie Sejournet (pictured), Olivier Djopwouo and Stanislas Effront.

Sejournet has been working for Pictet for over a decade, and had been consistently AAA rated between October 2017 and October 2018. Prior to Pictet, she worked at Fortis Bank for eight years.

Djopwouo and Effront are new additions to the management team. They were appointed following Nolan Hoffmeyer's September exit from the bank.

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Fund performance:

Fund size: CHF 3.25 billion

Launch date: 30 June 2008

Returns over three years: 44.1% as of 31 October 2018.

The fund ranks second out of all Citywire-rated technology equity funds, returning 44.1% over three years.

Since mid-2016 the fund had been outperforming the benchmark, though performance began to suffer in September.

In August the fund returned 0.9 percentage points above the benchmark, though it is now marginally behind the index.

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Portfolio construction:

Online advertising: 30%

Network operators: 18.2%

E-Commerce: 12.9%

Enterprise SaaS: 12.1%

Interactive entertainment: 11.3%

Devices: 8.7%

Vertical SaaS: 4.4%

Cash: 2.4%

The fund is largely allocated to the US (56.4%) and China (17.8%), and maintains 30% exposure to online advertising. 

Its top five holdings include Comcast (4.1%), Netease (3.8%), Alphabet (3.6%), Microsoft (3.6%) and Intuit (3.5%).

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