Pictet Funds, the investment fund company of Pictet & Cie, the Geneva private bank, has launched the PF (LUX)-US Equity Selection, managed b...

Pictet Funds, the investment fund company of Pictet & Cie, the Geneva private bank, has launched the PF (LUX)-US Equity Selection, managed by Daniel Becker and Philip Sanders, both vice-presidents at Waddell & Reed, an investment management firm based in Kansas City. The fund invests in US large cap growth stocks. It is actively managed with a bottom-up approach and with a focus on fundamental stock research. It focuses on companies believed to have superior growth prospects and sustainable competitive advantage. The fund typically invests the bulk of its assets in four primary growth sectors, healthcare, technology, consumer and financial services. “Since the stock market upturn in 2003, returns on US large-cap stocks have lagged behind those of most other asset classes, resulting in valuations near their 20-year lows. Nevertheless, we believe this asset class is on the verge of being re-rated,” said Mr Becker. The fund is available to institutional, private banking and retail investors in European countries including Switzerland, Germany, Spain, Italy, France and the UK. Pictet is currently the largest among the Swiss private banks, with more than SFr310 billion ($248 billion) in assets under management and custody.