Following the Morningstar OBSR Analyst Ratings Meeting on 13th June 2013, we have downgraded the SWIP Multi-Manager Diversity fund to a Morningstar OBSR Analyst Rating™ of Neutral. The fund was previously Under Review following a restructure that saw the team’s fund research universe expand to support their wealth management group and which meant asset allocation would be aligned to the house view. Although we value the experience of the fund’s managers, Mark Harries and Simon Wood, given these changes we want to rebuild our conviction in the investment approach and most significantly in the changes to the asset allocation process. We therefore think a Neutral Rating is warranted at the current time.
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