Sr. Portfolio Manager
APG Asset Management US Inc.
Department: Focused Equities
Title: Senior Portfolio Manager
Reports to: Head of Fixed Income US/Head of Focused Equities NL
APG invests 469 billion euros (November 2017) for pension funds with the greatest possible care. It is all about the balance between risk and return and a stable policy based on a long-term perspective. The result: an average return of approximately 7 percent for the past 20 years. APG works for over 30,000 Dutch employers and provides retirement income for 4.5 million participants in the Netherlands.
APG Asset Management is a Dutch pension capital investor. Our asset management is aimed at realizing a good and affordable pension for both current and future generations. Worldwide, we are one of the largest pension fiduciary asset managers. Our clients benefit from economies of scale. It gives them access to investment options and external mandates (for example private equity and infrastructure) that would otherwise not be an option, or at least not at the same favorable conditions. With about 700 highly qualified employees working from the Netherlands, the USA and Hong Kong, we have in-house expertise ensuring stable long-term returns.
The current Focus Equities portfolio is a concentrated European portfolio invested in large stakes in listed companies. The main objective is to achieve superior long-term investment performance. Our portfolio management style is based on in-depth investment research. Our mandate allows us to take positions of 3-20% of a company’s capital and we intend to remain shareholders for the long-term acting as a cornerstone shareholder and a serious conversation partner to the executives and non-executives of our investment holding companies. We aim to replicate our European investment strategy with an equivalent investment proposition in North American Equities.
We want to find a senior Portfolio Manager to fulfill a key role at a senior level in:
- Generating investment ideas and discussing investment ideas among the team
- In-depth fundamental company analysis, including ESG aspects
- Making investment proposals to be agreed to by the team
- Engaging with company boards on their long/term strategies
As a Senior Portfolio Manager, you will be a member of the Focus team that manages our long-term concentrated developed markets equity strategies. In the Focus team we view ourselves more as owners than as shareholders. Our goal is to deliver adequate equity returns over the long term by investing in sizeable stakes in a concentrated number of companies based on in-depth, bottom-up, fundamental proprietary research. We consider stock selection as our primary source of alpha creation. We invest for the long-term and as we own sizeable stakes in companies, we aim to be a cornerstone shareholder and a value-added dialogue partner who promotes long-termism. Our intention is to invest in 25-30 high quality small and mid-cap companies in the US and Canada. We expect our companies to act in the best interest of all their stakeholders and an ESG analysis is an important part of each investment decision. Investment proposals are evaluated in team meetings before a final investment decision is approved by the Head of Focus Equities.
The Focus team will manage approximately USD 16 bn spread equally over the European and the North American strategies. Over time the European and North American portfolios will be merged into an integrated concentrated global portfolio. The Focus team currently consists of three experienced PMs who have specific sector expertise and report to the Head of Focus Equities. This position will be teamed up with a European counterpart, with each person being the lead on their own names and acting as a backup on their counterparts’ names.
The Senior Portfolio Manager we are looking for is a self-confident actor in the work environment. We are looking for someone that is persuasive, has a high degree of integrity, is a critical thinker and has the right mindset to be a long-term investor.
Additionally, requirements include:
- A bachelor’s degree, preferably in economics;
- At least 10-15 years of experience in securities analysis with relevant experience in US small and mid-caps;
- Excellent communication and negotiating skills;
- MBA and CFA preferred
- Team player
- Strong analytical skills
- Travel 10-15%
APG Asset Management US Inc. (APG US) is an equal opportunity employer and does not discriminate against otherwise qualified applicants on the basis of race, color, creed, religion, ancestry, age, sex, marital status, gender identity, gender expression, national origin, disability or handicap, veteran status, sexual orientation or any other classification protected by applicable law.