Following the Morningstar OBSR Analyst Ratings Meeting on 15th November 2013, we have downgraded the Aberdeen High Yield Bond fund to a Morningstar OBSR Analyst Rating™ of Bronze. The fund previously held a Silver Rating. We have closely monitored high-yield team changes at Aberdeen over the last few years. We are mindful that senior managers departed the team but retain a high opinion of new employees, including Mark Sanders and Ben Pakenham who have historically invested with a similar philosophy at New Star Asset Management. We believe they are capable investors but we have modestly reduced conviction in the fund at this stage. This is in part due to the potential for the team changes to lead to a slight moderation of the established high-yielding, high-risk approach to the asset class.
See the latest Morningstar OBSR fund rating news here.
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