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Morningstar Fund Ratings: Weekly Round-up

This week sees a new rating for a Royal London ethical bond fund and a downgrade for Artemis

Louise Babin 18 September, 2019 | 9:38AM

Morningstar ratings

New Ratings

Royal London Ethical Bond – Bronze

Louise Babin

Royal London Ethical Bond invests mainly in investment-grade sterling corporate bonds whilst excluding debt of companies that fail certain ethical criteria. The firm’s approach to credit analysis is well established and differentiated, but the elevated exposure to unrated issues, and lack of significant positive sustainability involvement currently limit our initial assessment to a Morningstar Analyst Rating of Bronze.  

Downgrades

Artemis Global Growth – Bronze

Jonathan Miller

The quant-led approach on Artemis Global Growth has seen Peter Saacke in charge since January 2004. The approach looks to add value through stock-picking, which has been a key contributor over time. Its high momentum characteristics make it one of the higher-risk options for core global equity exposure. Although investors have been compensated for this over the long term, as shown by superior risk-adjusted performance relative to the index and peers, we note that in the past few years peers have employed more-sophisticated risk tools in their portfolio construction. This contributes to a reduced conviction in the process and overall, results in a Morningstar Analyst Rating of Bronze, having previously been rated Silver.

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

Louise Babin  is a senior analyst for Morningstar.

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