Morningstar Fund Ratings: Weekly Round-up

ANALYST RATINGS: Morningstar analysts downgrade two funds from Kempen and Royal London and put a Legg Mason fund Under Review

Morningstar Analysts 14 March, 2017 | 9:41AM
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Kempen European High Dividend FundSilver

Jeffrey Schumacher

While we continue to think this fund remains a very good choice for European equity income exposure, we're slightly less enamoured with it than we had been. Under the supervision of Jorik van den Bos, the team applies a strict and distinguishing concept of dividend investing, which provides discipline but also can become too restrictive, in our view. We continue to have our reservations regarding the strict application of a single absolute dividend yield hurdle as it can potentially limit their investment opportunities and the flexibility to capture their unorthodox philosophy in the final portfolio. Although we continue to see potential for outperformance in the hands of the seasoned investment team running the strategy, its execution somewhat reduces our conviction. We believe a Silver rating better reflects the fund's relative merits in its Morningstar category.

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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
Kempen (Lux) European High Dvd AN37.15 EUR-0.47Rating
Royal London UK Government Bond M Acc133.00 GBP-0.08Rating

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