Morningstar Fund Ratings: Weekly Round-up

ANALYST RATINGS: Fund analysts reveal a new rating for Invesco's answer to GARS, and upgrade one JPMorgan fund and downgrade a Kames offering

Morningstar Analysts 11 September, 2017 | 10:58AM
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New Ratings

Invesco Global Targeted Return (SICAV)Neutral

Randal Goldsmith

IP Global Targeted Return is Invesco’s alternative to SLI GARS. Its three portfolio managers joined from SLI, where they were senior members of the multiasset team responsible for GARS. The investment approach is similar, aiming for cash plus 5% over three-year rolling periods with less than half the volatility of equities. The fund has flexibility to invest in any liquid asset and without a benchmark index constraint.

We like the management team on this fund, but consider that it is dependent on co-operation with the broader resources at Invesco to make this complex multistrategy approach work.  With that in mind, we would like to see further progress on relationship building within the wider group.


JPM Pacific EquityBronze

Mark Laidlaw

Our conviction in this strategy has slowly grown over time when it comes to lead manager Aisa Ogoshi. Ogoshi has been involved with the strategy for over a decade and joined by fellow managers Robert Lloyd and Mark Davids since May 2015. The process follows the quality/growth bias employed by the emerging markets and Asia-Pacific investment team at JPMorgan.

Preferred companies are those with sustainable or improving returns, whose management have a proven record of execution over time. The track record is impressive and has consistently done well against both peers and the index over a number of years. We believe the strategy is well placed to deliver for investors.


Kames Ethical EquityBronze

Simon Dorricott

Kames Ethical Equity remains a good way for ethical investors to gain exposure to UK equities, but our conviction level has reduced slightly and we have therefore reduced our rating from a Morningstar Analyst Rating of Silver, to Bronze.

We still appreciate the ethical screening approach and the experience within the UK team; however, there have been some changes to this team over recent years that have slightly reduced the strength of our view. Our conviction in Ryan’s ability to consistently add value over and above that produced by the team has also slightly lessened.

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
Aegon Ethical Equity GBP B Acc267.14 GBP1.08Rating
Invesco Global Tgtd Rets UK Y Acc  
JPM Pacific Equity C (acc) USD32.48 USD0.46Rating

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