Morningstar Fund Ratings: Weekly Round-up

ANALYST UPDATE: JPM Emerging Markets Local Currency Debt, Henderson Horizon Pan European Fund and Jupiter Japan Income

Morningstar Analysts 12 September, 2016 | 3:11PM
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New Coverage

JP Morgan Emerging Markets Local Currency Debt – Neutral

Shannon Kirwin

This fund is run by experienced manager Didier Lambert, who heads JP Morgan’s local-currency team within the company’s 44-member global emerging-markets-debt team, led by Pierre-Yves Bareau.

Lambert has built a solid long-term track record here and at a similar strategy that he managed at Fortis for three years before joining JP Morgan in 2009. We appreciate the structured process at work here, which integrates top-down and bottom-up research.

However, we are concerned about some recent departures from the team, including macro strategist Matias Silvani, who had contributed to the fund’s top-down positioning. The fund has struggled to outperform its peer group since the recent turnover, which has prompted us to assign a rating of Neutral until we can gain a better sense for how the manager and his team have weathered the recent departures.

Analyst Notes

Henderson Horizon Pan European Fund

Peter Brunt

James Ross was appointed co-manager on the Henderson Horizon Pan European fund on the August 31 2016. He joined Henderson as a graduate and, while he has focused on UK equities for the last three years, he spent his first years at the group as an analyst on the European equities team and therefore has the experience to contribute meaningfully to this fund.

Ross will be helping in stock research and portfolio construction, but Tim Stevenson remains the lead manager and final decision maker. We welcome the effort to build Stevenson’s analytical resource and will closely monitor how Ross settles into his new role.

Jupiter Japan Income

Lena Tsymbaluk

Mitesh Patel has been appointed as assistant fund manager on the Jupiter Japan Income and Jupiter Japan Select SICAV funds. Patel will join on the October 3 2016, supporting lead manager Dan Carter.

Patel has 11 years’ investment experience and joins from Barings Asset Management where he was an investment manager covering Japanese equities since 2013. Prior to joining Barings in 2009, he spent three years at BlackRock on the global equities and UK equities teams.

We welcome Jupiter’s effort to boost the Japan equities team, which shows their commitment to the strategy. This, however, doesn’t change our current view on the fund, which holds Morningstar Analyst Rating of Neutral. We will continue monitoring how both managers settle into their respective roles and work together.

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Janus Henderson Hrzn Pan Eurp Eq A2 EUR  
JPM Emerg Mkts Lcl Ccy Dbt A (acc) USD16.73 USD-0.43Rating
Jupiter Japan Income L Acc163.43 GBP1.24Rating

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