Author Topic: Do you know: Orbis, Marathon Asset Management, Oldfield Partners, Phoenix AM?  (Read 2273 times)

roark1211

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Thank you for this. I was told the turnover at Orbis is very high and hardly anyone becomes PM. High turnover is a major red flag IMO.

You have to look at turnover in context.  Some places run a model where you hire young and have lots of churn years 3-5 but almost none post year five.

Same with being a "PM". A place where lots of people make PM probably doesn't much value the title.  If you have four "PMs" on a product chances are 1-2 of them do the thinking and the rest will be marketing/admin heavy.

But at a place with one real PM (like Harris International for example) the non PMs can do a lot. Now the big issue is portability as an analyst vs as a PM, but from the firms perspective who cares.

You're absolutely spot on about the model at Orbis. They have one PM for each of the fund they run (Global, Japan, EM, International) and a "General PM" - William Gray who is also the son of the founder of Orbis (Allan Gray). Some might not like this, but it is what it is, and it has worked for them. Those PMs are all lifers at Orbis, so almost no one else made it to "PM" in the traditional definition for the last decade or so.

The turnover in the analyst population (<5 years) is very high indeed, that's because of their cut-throat culture: you either make 10% alpha or you're out.

« Last Edit: April 27, 2018, 12:04:13 AM by roark1211 »


tol1

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Thanks everyone - what about the other names? Are there names that should be included for a value-based, fundamental equities strategy with a rather concentrated portfolio based out of London?