We have downgraded Carmignac Patrimoine to a Morningstar Analyst Rating™ of Silver from its previous level of Gold. Despite near-term underperformance, we remain confident in the fund’s ability to deliver strong risk-adjusted performance in the long run. We also believe the manager and his surrounding team remain highly skilled in implementing their top-down driven approach. However, several factors have weakened our conviction to a degree. These include the difficulty in accurately hedging more esoteric exposures such as emerging markets, a venture into net-short currency bets and the weakness of the results achieved by the firm’s European equity managers at their funds (the managers are an input at this global offering). These factors, coupled with our ongoing concerns regarding the lack of a concrete succession plan, lead us to consider the Silver rating to be a more appropriate reflection of our views at this time than Gold.
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