Aziz Hamzaogullari, the new vice president and lead portfolio manager of large-cap strategies at Loomis Sayles & Co., is not a buy-and-hold sort of investment manager, even if his style is marked by words like “fundamental,” “analytical,” and “long-term.”
But despite all of the worries about a tenuous domestic economic recovery and destabilizing economies overseas, he doesn’t buy into the idea that this is the time to be a frequent trader, either. During his 17-year career, Hamzaogullari has honed a deliberate style for managing equity portfolios, pegging the worth of held companies not just by their market capitalizations, but whether they pass three important tests. Do they have long-term structural advantages? Do they achieve growth in their businesses from one quarter to, say, five years without depending heavily on seasonal bump-ups? Are they priced at a discount?
That is asking a lot of a single company, much less the 40 names that Hamzaogullari will oversee in the Loomis Sayles Growth Fund, but he is able to find them. And hold on to them. Hamzaogullari expects the portfolio to have a low turnover rate, switching out about 25% of its holdings annually. That’s low, considering that many other mutual funds have a 100% annual turnover rate in their portfolios. In a topsy-turvy economic climate, where large-cap growth funds are not expected to take leadership in an economic recovery, that says Loomis Sayles’ newest portfolio manager might merit a second look from advisors.
Here is the other reason, which is probably refreshing to some: he doesn’t doggedly hang on to a company if it does not meet his expectations. Or pretend that he is ten feet tall and bulletproof. Hamzaogullari says he maintains a strong sell discipline, especially if he realizes he may have taken a wrong step. “When we understand that we are wrong, and that happens, we have a continuous focus on realizing our mistakes as soon as possible,” Hamzaogullari said.
He will bring that approach to his new role, which also includes overseeing two important new institutional strategies, the All-Cap Strategy and the Large-Cap Growth Strategy.
Meanwhile, Loomis Sayles has made changes on its large-cap growth strategy management team. Portfolio manager Mark Baribeau will focus on opportunistic global equity strategies, to meet growing market interest. Richard Skaggs, also a portfolio manager, becomes an equity strategist, and Pam Czekanski assumes the role of client portfolio manager within the institutional services group and relationship management team.
Brown Brothers Harriman Trust Company of Delaware, a new business launched in December 2009 to provide fiduciary services to clients, has appointed William R. Levy as its president. Levy, who joined Brown Brothers Harriman in 1998, was regional trust head of its Philadelphia office.
New York City-based Citi Private Bank has named Lisa Roberts as managing director and northern California regional executive, based in San Francisco. She will oversee offices there and in Silicon Valley. Previously, Roberts was at U.S. Trust, Bank of America Private Wealth Management, where she was managing director and market executive for San Francisco, Silicon Valley and East Bay.
Janus Capital Group, based in Denver, Colo., has hired Matthew Sommer as director and senior retirement specialist for its retirement strategy group. Sommer was executive director of thought leadership and professional development with Morgan Stanley Smith Barney.
New York Life Insurance Co., based in New York City, has hired Allyson McDonald as a senior vice president in its retirement income security operation. Previously, McDonald worked for the Clinton Foundation, where she was responsible for development and communications strategy.
Woodbury Financial Services, Oakdale, Minn., has named Albert Johnson as chief compliance officer for broker-dealer services. Previously, Johnson was chief compliance officer of Financial Network Investment Corp., based in El Segundo, Calif.