Morningstar Fund Ratings: Weekly Round-Up

A busy week for fund ratings sees Morningstar analysts initiate coverage on two funds while BlackRock UK Special Situations is downgraded to Neutral 

Francesco Paganelli 6 August, 2019 | 9:48AM

analyst rating

New Ratings

Fulcrum Diversified Absolute Return - Neutral 

Francesco Paganelli

We have initiated coverage of Fulcrum Diversified Absolute Return and Fulcrum Diversified Core Absolute Return funds with a Morningstar Analyst Rating of Neutral. The strategy is run by seasoned managers with strong expertise in the macro space, but team instability, a complex process that in our view is difficult to execute successfully given the mandate and resources available, and a disappointing track record limit our overall conviction at this point.

Impax Global Equity Opportunities - Bronze

Ronald Van Genderen

We initiate coverage on Impax Global Equity Opportunities with a Morningstar Analyst Rating of Bronze. The strategy is co-managed by two experienced managers, Kirsteen Morrison and David Winborne, who are supported by an extensive team of experienced analysts. However, the experience of the two co-managers mainly relates to Asian equities; for the broader team, the experience is to a great extent related to the more specific thematic and environmental market strategies of Impax, which in general have a strong focus on mid- and small caps.

Overall, we highly value the stability and resources available within the team but acknowledge that the team is less seasoned in global large-cap equities. In our opinion, the applied process can give the strategy an edge; it largely uses the same process as other Impax listed equity offerings, which we especially know well from Bronze-rated Impax Environmental Markets. It is well-structured, disciplined, and primarily based on bottom-up stockpicking.

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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.

About Author

Francesco Paganelli  is a Fund Analyst for Morningstar in Italy

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