Key Morningstar Metrics for AGF Global Select
- Morningstar Medalist Rating: Neutral
- Process Pillar: Average
- People Pillar: Average
- Parent Pillar: Average
AGF Global Select earns Average ratings for People and Process, reflecting a capable but untested management team and a dynamic, concentrated strategy.
The November 2024 transition from longtime manager Tony Genua to Auritro Kundu, Mike Archibald, and Regina Chi marks a significant change for the fund. The new managers bring relevant experience and collaborate with a well-established analyst team, but their collective track record with this mandate is limited, and they have yet to demonstrate their ability to manage through different market cycles.
The managers employ a flexible, opportunistic process to build a conviction-driven portfolio. They begin by screening the global all-cap universe for companies with market caps above USD 500 million and strong growth characteristics. They use fundamental analysis to narrow the list, carefully considering new products, R&D productivity, macro developments, and corporate announcements to identify about 100 candidates with attractive valuations and upward momentum. A final deep-dive results in a concentrated portfolio of 25-40 stocks that the managers view as market leaders, innovators, and thematic beneficiaries.
The managers typically maintain a growth-oriented portfolio, but they actively adjust style exposures in response to evolving market trends. They use an internal macro model that integrates historical data and current indicators to guide portfolio positioning. This approach helps keep holdings aligned with broad market trends, though it can increase vulnerability if established trends reverse.
Performance under the new managers has been strong, with the F series returning 33.3% annualized from May 2024 through October 2025. It outperformed the Morningstar Global Markets Index Morningstar Category benchmark by 9.3 percentage points and topped the global equity category average by 14.5 points. This outperformance has come with pronounced volatility, however. The fund’s one-year beta soared to 1.8, meaning its returns were 80% more volatile than the market’s. So it potentially generates greater gains but also leaves investors exposed to steeper declines in downturns.
While the new managers have produced impressive early gains, their high-volatility approach may expose investors to extra risk and may not suit those seeking steadier returns.
AGF Global Select: Performance Highlights
AGF’s portfolio managers have delivered eye-catching, turbulent results. The strategy’s annualized volatility, as measured by standard deviation, was 15.5%, well above the index’s 9.0% and the peer group’s 8.8%. Consequently, despite strong absolute returns, its risk-adjusted performance (as measured by Sharpe ratio) trailed the index.
Stock picks in technology and financials fueled recent performance. Over the one-year period through September 2025, the managers’ attribution highlights notable contributions from trading platforms such as Robinhood and Interactive Brokers, as well as music streamer Spotify. The managers’ decision to hold less in Apple than the benchmark also helped results.
AGF’s new managers have delivered strong results at a time when many peers have lagged benchmarks. This outperformance has gone hand in hand with the managers’ larger stake in high-beta stocks. As of October 2025, the portfolio’s one-year beta versus the category index reached 1.8, highlighting the portfolio’s heightened sensitivity to market movements. While this approach could drive further gains, it also raises the risk of sharper losses.
