Perpetual Income & Growth Investment Trust - Bronze

INVESTMENT TRUST RESEARCH UPDATE: Trust rating downgraded to Bronze

Jackie Beard, FCSI 30 June, 2014 | 11:53AM

Following the Morningstar OBSR Analyst Ratings Meeting on 12th June 2014, we have downgraded Perpetual Income & Growth Investment Trust (PLI) to a Morningstar Analyst Rating™ of Bronze. Previously the fund held a Gold rating. Mark Barnett is a talented fund manager with a strong track record in UK equity income; however, in taking on the management of the Invesco Perpetual Income and High Income funds, his assets under management have increased by over £20bn. Along with the departure of Neil Woodford, the UK equity team at Invesco Perpetual has also recently lost another fund manager and two analysts, departures that Mr Barnett has moved swiftly to replace. We are mindful of the considerable increase in assets under Mr Barnett’s management that may affect his investment process and portfolio construction, along with the changes to his team. However, the closed-ended nature of this fund gives some comfort that Mr Barnett can stay true to his investment style. We believe a Bronze rating is warranted at this time.

Find out more about how Morningstar analysts rate funds and investment trusts here.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Perpetual Income & Growth Ord328.50 GBX3.14

About Author

Jackie Beard, FCSI

Jackie Beard, FCSI  is Director of Manager Research Services, Morningstar EMEA

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