Christophe Jaubert from Mediolanum International Funds is our Fund Selector of the Month

Christophe Jaubert launched his career more than three decades ago at a boutique asset management firm in Paris, where his primary focus was the selection of hedge funds and long-only managers. From the outset, analysing and choosing managers has been a core responsibility, remaining central even as he transitioned into managing portfolios in 1999. Over time, the firm’s assets under management (AUM) grew past $5 billion, and in 2002 he became Chief Investment Officer (CIO). The organisation was acquired by Rothschild in 2012, where he continued to oversee these responsibilities.

In 2018, he embraced a new chapter by joining Mediolanum in Ireland as CIO. Mediolanum International Funds, an Irish-listed asset management company, forms part of the Italian Mediolanum Banking Group. Over the last seven years, the investment team has doubled in size from 35 to 70 professionals, now managing €70 billion on behalf of clients. About a third of the assets are managed internally, while the remaining two-thirds are entrusted to external managers, rigorously selected by the dedicated manager selection team. Recently, the firm established the Mediolanum Investment Academy to attract and nurture young talents who will shape the next generation of investment leaders.

Can you walk us through your experience in fund selection? How did your journey in finance begin?

After earning my Master’s in Finance, I joined a boutique asset manager overseeing €150 million at the time. This was where I learned the fundamentals of investing. Early in my career, I benefitted from significant responsibilities, progressing from analyst to head of research, then becoming a portfolio manager, and ultimately Chief Investment Officer. My advice to those entering the field: be patient, embrace every stage of the process, and never skip steps. Mastery in this profession is a long journey that demands diligence and dedication.

Looking back over your career, what stands out as most significant?

Teamwork and trust are paramount. Creating a psychologically safe environment is essential—it encourages open, honest debates about a manager’s quality, fostering collaboration and sound decision-making. Success is always a team effort; individual achievements pale in comparison to what can be accomplished collectively.

I would also highlight the critical role of diversity. When a team brings together varied backgrounds and perspectives, problem-solving and innovation flourish. Diversity enriches discussions and strengthens decision-making, ultimately leading to better outcomes for clients and the firm alike.

What criteria do you prioritise when selecting a fund? Which metrics are most important to you?

Understanding how a manager has achieved past performance is crucial. I strive to identify the manager's “edge”—what makes their advantage enduring and resilient. Today’s advanced tools help uncover inconsistencies between what managers claim and what they actually do. Another vital factor is ensuring strong alignment of interests between managers and our clients.

What is your current approach to asset allocation, and how should investors address market uncertainty?

Given the ongoing market volatility this year, we’ve kept our portfolios closely aligned with their Structural Asset Allocation, empowering underlying managers to generate alpha. This disciplined approach has served us well across the 70 different portfolios managed at Mediolanum International Funds.

What are the most common mistakes in fund selection?

Overemphasising past performance is a classic pitfall. Another is being overly swayed by a manager’s reputation and failing to ask probing questions. It’s also essential to distinguish between managers who may not excel at promoting their strategy and those who are genuinely skilled portfolio managers.

How has the fund selector role changed in recent years?

The profession has evolved dramatically, especially with the rise of new technologies. Video conferencing—much less common pre-COVID—now enables seamless interaction with managers worldwide. Artificial intelligence, when thoughtfully applied, helps us quickly pinpoint key information, freeing up more time for in-depth engagement with managers.

However, technology cannot replace the insight gained from direct human interaction and experience. Building relationships and understanding behavioural nuances remain at the heart of successful fund selection, even as our technological tools continue to improve.

What sets an exceptional fund selector apart?

Three qualities stand out: curiosity, passion, and a strong memory. Curiosity drives meaningful questions and leads to deeper insights during interviews. Passion fuels continuous learning and engagement, enabling the selector to anticipate trends and make sound decisions. A strong memory ties everything together, allowing one to recall vital details, compare investment opportunities, and ultimately make better choices.

How do you spend your free time?

To maintain balance, I play tennis—a sport that closely mirrors the challenges of professional life. On the court, you face opponents, strategise, and adapt, just as you do in the workplace. Tennis sharpens focus, critical thinking, and resilience, all of which are invaluable in investment management.

Since moving to Ireland nearly eight years ago, I’ve also developed a deep appreciation for Dublin’s vibrant and diverse music scene.

In conclusion, my journey has been defined by a commitment to continuous learning, the power of teamwork and diversity, and an unwavering curiosity about the world of investments. These elements, I believe, are the foundation of enduring success in fund selection.