Following the Morningstar OBSR Analyst Ratings Meeting on 11th December 2014, we have downgraded the Neptune Income fund to a Morningstar OBSR Analyst Rating™ of Neutral. The fund previously held a Bronze rating. Our conviction in this fund has waned due to the loss of experienced individuals from this team who were contributing to the mandate in a meaningful way. In addition, while we continue to value the extensive experience of fund manager Robin Geffen, we have become increasingly concerned over the execution of the investment process. Mr Geffen’s primary focus has always been to grow the fund’s income; however, the flexibility he is afforded through his investment process means that this should not have to come at the expense of the fund’s total return. We would have expected the investment approach, which is predicated on running a diversified portfolio of steady compounders, recovery names and tactical plays, to help the manager achieve his income objective without compromising total returns to the degree that investors have had to withstand over the last five years.
See the latest Morningstar OBSR fund rating news here.
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