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Morningstar Fund Ratings: Weekly Round-up

ANALYST RATINGS: This week Morningstar analysts reveal a new top rating for Troy, downgrades for Parvest and Janus Henderson

Morningstar Analysts 13 November, 2018 | 7:18AM

New Ratings

Troy Trojan – Gold

David Holder

Troy Trojan is a strong offering for risk-averse investors seeking capital preservation and long-term growth. Sebastian Lyon, the manager, employs a process that is cautious and focuses on the long term. The top-down framework is key, and he has the ability to invest in equities, government bonds, index-linked bonds, and precious metals and also to use cash actively. Equity exposure tends to be concentrated in around 25 to 45 holdings, where he looks for a sustainable business franchise that makes good allocation of capital.

There is a great amount to like here including an exceptionally experienced manager propagating an established and effective process, as well as an outstanding track record with this strategy since May 2001. We initiate our coverage with our Morningstar Analyst Rating of Gold.

Downgraded

Parvest Equity USA Mid Cap – Neutral

Fatima Khizou

Parvest Equity USA Mid Cap’s lead manager Thyra Zerhusen and team have tended to invest in the same group of names and have shown little evidence of identifying new attractive investment ideas to keep up with evolving industries and markets.

Furthermore, they have, at times, held on to names to the fund’s detriment, suggesting that they may have trouble cutting their losses. Combined with high fund charges, these concerns diminish our conviction in the fund’s ability to outperform. Its Morningstar Analyst Rating is therefore downgraded to Neutral from Bronze.

Moved from Under Review

Janus Henderson Horizon Pan European Equity – Neutral

Henderson EuroTrust Ord – Neutral

Pete Brunt

Tim Stevenson, Janus Henderson Horizon Pan European Equity’s long-standing manager, is set to retire in early 2019. The fund will then be under the control of James Ross, who has no prior lead portfolio manager experience and limited European equities experience.

We therefore have little conviction in the fund’s ability to outperform in the long term, which is reflected in its Morningstar Analyst Rating moving to Neutral.

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.

Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Henderson EuroTrust Ord1,130.00 GBX0.00
Janus Henderson Hrzn Pan Eurp Eq H2 EUR15.31 EUR-0.64
Parvest Equity USA Mid Cap P C203.79 USD-0.39
Troy Trojan O Inc259.37 GBP-0.33

About Author

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