Following the Morningstar OBSR Analyst Ratings Meeting on 13th June 2013, we have downgraded the Nordea-1 European Opportunity fund to a Morningstar OBSR Analyst Rating™ of Neutral. The fund previously held a Bronze Rating. Our overarching concern relates to the portfolio construction and the extent to which the fund has been increasingly exposed to one area of the market, most notably the energy sector. While we acknowledge the sector is one of the manager’s long-term themes and has always featured heavily in the fund, it has increasingly reached a level beyond our expectations. Moreover, in a competitive peer group, we believe a Neutral Rating is a more appropriate reflection of our conviction in the fund’s relative merits.
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