AXA Framlington Equity Income - Bronze

FUND RESEARCH UPDATE: Fund Rating downgraded to Bronze

Jeremy Beckwith 12 March, 2015 | 6:30AM
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Following a recent Morningstar Analyst Ratings Meeting, we have downgraded the AXA Framlington Equity Income fund to a Morningstar Analyst Rating™ of Bronze. The fund previously held a Silver rating. The highly experienced George Luckraft has managed this fund since September 2002 and his strategy has remained consistent throughout. This fund is characterised by its significant exposure lower down the market cap scale in combination with an allocation to mega cap stocks, which results in a different return profile relative to more conventionally managed peers. Although we give credit to Mr Luckraft for remaining true to his process, the manager’s approach has not yielded strong results on this fund relative to peers for an extended period now. We no longer feel that an approach which excludes large areas of the UK market is as compelling given the manager’s recent stock selection. This in combination with our concerns over Mr Luckraft’s workload results in lower conviction and a downgrade to a Bronze rating.  

See the latest Morningstar OBSR fund rating news here.

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About Author

Jeremy Beckwith  is Director of Manager Research for Morningstar UK