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Digital Subscriptions > Expert Investor > Expert Investor October 2017 > THE BIG PICTURE


Alessandro Viviani of Old Mutual Wealth Italy explains why he is sceptical of managers who claim they are pure stockpickers – and how he his trying to tempt his client’s out of their complete risk aversion

Profile Alessandro Viviani, Old Mutual Wealth Italy

Alessandro Viviani has a tendency to mistrust any manager that says they only focus on stocks and have no interest in the wider world.

“When a fund manager says he is a pure bottom-up manager who can’t be bothered taking macro data into account, I tend to be a little bit sceptical,” he says. “Even if you are a stockpicker rather than an asset allocator, you need to have an idea of the macro forces and how these could impact the companies you invest in. Only a manager specialised within a single sector could possibly get away with just a bottom-up approach.”

Big is better

Viviani also has a preference for large, established fund houses because they tend to run funds supported by a large backroom staff.

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About Expert Investor

Nine years after the collapse of Lehman Brothers, we ask fund selectors which lessons they have learnt from the financial crisis and how it has changed their jobs. We also answer the question whether it makes sense for asset allocators to use multi-asset funds. Last but not least, there are profile interviews with Alessandro Viviani, fund analyst at Old Mutual Wealth in Milan, and Matt Shafer, head of global distribution at Natixis AM.
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