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Wealth Management
World View
Florida wealth managers are betting on oversea markets.
Tom Schiedel |
Keith Dubauskas |
Managing director for the Southeast region
Citi Private Bank, Palm Beach
Keith Dubauskas
Vice president
Citi Private Bank, Palm Beach
Minimum investment: Targets investors with at least $10 million in investible assets
Recommended international allocation: Starting point of 30% for equity portfolios, with adjustments depending on the client
Core global assets: Dubauskas says that the long-term part of an international portfolio takes a global view and can be composed of diversified mutual funds, separate equities from outside the U.S. (usually in the form of ADRs), ETFs and non-traditional investments such as hedge funds and private equity.
Investing signals: » Middle-class growth in emerging markets — Discretionary spending on food, clothing, electronics and other goods is increasingly important. » Infrastructure — Demand for infrastructure is a global theme.
Markets they like: » Europe and large-cap stocks in the U.S. — Because of valuation, Schiedel and Dubauskas favor the U.S. and Europe over Japan, the Pacific Rim and emerging markets.
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Founder, chief investment officer
Levitt Capital Management , Boca Raton
Assets under management: $450 million
Minimum investment: $3 million
Recommended international allocation: 80%
International strategy: Focus on global themes and invest directly in foreign companies, not in the ADRs that trade in the U.S. because only a limited number of companies trade as ADRs.
Sectors he likes: Energy, base metals and agriculture — Levitt looks for countries and companies that fit into the sectors he believes will drive economic growth. That means iron ore in the Ukraine; cement in Egypt; sugar and other agriculture in Brazil; oil, agriculture and base metals in Canada; and natural gas in Qatar.
Markets he likes: » Asia — Levitt looks for economies in what he calls “the catch-up phase,” with populations looking to better their lives through better quality food and other basics.
Markets he’s concerned about: » South America — Political issues in Venezuela and some other parts of the region
Will Wheeler |
Dave Moore |
Will Wheeler
Chairman of the investment commitee,
Coral Gables Trust Co.Coral Gables Trust Co.
David Moore
Chief investment officer
Coral Gables Trust Co., Coral Gables
Minimum investment: $250,000
Recommended international allocation: 18% for stock portfolios
International strategy: For equities, two core international funds, one based on fundamental research and the second relying on quantitative technical models. For fixed income, a multisector global bond fund.
Markets they like: > Europe — For equities, David Moore says Europe has provided tremendous returns for the past five years and believes that will continue. Moore likes Europe-based multinationals, including French pharmaceutical company Sanofi-Aventis, French oil and gas company Total SA and Finnish mobile phone maker Nokia.
Funds they like: » A multisector global bond fund — For clients with fixed-income and balanced portfolios, this makes up the core of the fixed-income component. Holdings in Canadian debt, for example, take advantage of plays on both currency and commodities. Debt from Mexico, Brazil and the United Kingdom also have added to returns, says Moore.