Morningstar Fund Ratings: Weekly Round-up

ANALYST RATINGS: This week Morningstar analysts reveal downgrades for Aberforth, City of London and Fidelity

Morningstar Analysts 21 November, 2018 | 8:45AM

Downgrades

Aberforth UK Small Companies – Bronze

Samuel Meakin

The fund follows a value investing style, and this approach marks it out versus UK small-cap peers, many of which are growth-oriented. The fund’s managers have stuck consistently to their approach, even through periods of rocky performance. We acknowledge that holding on to challenged investments when seeking to unlock long-term value comes with the territory with value investing, but in some cases we believe this has been done despite weakening business fundamentals. As a result, our conviction in the investment process has slightly lessened, and we believe a Morningstar Analyst Rating of Bronze more closely reflects our level of conviction in the relative merits of the fund.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Aberforth Smaller Companies Ord849.16 GBP-1.37
Aberforth UK Small Companies Acc19,013.20 GBP0.33
City of London Ord321.58 GBP-1.51
Fidelity Flexible Bond Y-Dis-GBP1.12 GBP-0.18
Fidelity MoneyBuilder Balanced Y Inc52.63 GBP-1.31
Fidelity MoneyBuilder Income Net Y127.00 GBP-0.16
Fidelity Strategic Bond Net Y131.30 GBP-0.15

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