LGIM head of retail multi-asset funds Justin Onuekwusi has taken a number of positives from lockdown, including having to travel less, but losing the dance-off at the multi-asset team’s virtual Christmas bingo event (the mind boggles) has been the most memorable experience.
What has been your top performing fund pick during the year?
Blackrock European Dynamic.
What are your biggest over and underweights as vaccine news points towards a return to normality?
The largest overweight is equity laggards (out-of-favour equity positions that have underperformed over the course of 2020 such as European value, small caps and Japanese railways). These are opportunities that have a medium-term horizon, therefore we are willing to be patient.
In terms of underweights, we have a lower weight to US Treasuries and UK gilts in favour of other developed market bonds in areas such as Australia, New Zealand and South Korea, typically with steeper curves as well as higher starting yields.
Best asset manager webinar of the year?
I don’t attend many webinars and prefer to do one-on-ones where I can ask questions and have a dialogue with asset managers.
What parts of the lockdown have made your job easier? And what parts of the lockdown have made your job more challenging?
Lockdown has meant less travelling – I think I have been on a train once in 2020 and haven’t done one flight. Interaction with colleagues for the less technical conversations such as the end of year reviews and professional development has been harder to do virtually.
What would be your ideal lockdown Christmas present?
Manchester United topping the league but as that’s not going to happen… just being able to break bread with family and friends who I haven’t seen all year, which, sadly, also seems is unlikely to happen.
How are you altering your Christmas plans in light of the pandemic?
Mainly by doing all of the shopping online and keeping up with exercise (long walks) over the period. Also, it is more necessary to plan daily family activities so TV and tablets don’t become my daughter’s best friends. Finally, given all that is going on in the world, despite having time off, I’ll be tuning into markets and reading research daily.
What has been your most memorable Zoom moment of the year?
It has to be losing the dance-off in the team virtual bingo Christmas event. Our team also did an activity on understanding privilege – it was a real eye opener and really interactive.
What City haunt are you most looking forward to returning to once office working returns?
I’m missing my walk to Leon for lunch and my large Americano with skinny milk from Caffe Nero.
What lockdown movies, series or books would you recommend for people hunkering down during the holidays?
I’m currently watching the Mandalorian, Ghost (the spin-off from Power) and Industry, but I’m looking for something else to get stuck into. I’m thinking of rereading Presenting Naked by Brad Waldron as we all need to revisit our presenting style in the virtual world, and have started The 5 Choices: The Path to Extraordinary Productivity.
Justin Onuekwusi is head of retail multi-asset funds at Legal & General Investment Management
