Morningstar Fund Ratings: Weekly Round-up

Three Fidelity products feature among this week's list of rated funds to experience an upgrade or downgrade to their Morningstar Analyst Rating

Jeffrey Schumacher 1 October, 2019 | 8:42AM
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gold silver bronze


Fidelity Asian High Yield - Silver from Bronze

Patrick Ge

We have upgraded Fidelity Asian High Yield’s Morningstar Analyst Rating to Silver from Bronze. This is based on our increased conviction in portfolio manager Bryan Collins and the well-resourced analyst team. Additionally, this time-tested strategy, which holds the longest track record in the Asia high-yield Morningstar Category, has consistently delivered above peer median risk-adjusted returns in different market conditions. As such, we believe the strategy is a strong investment proposition within the Asia high-yield space, and it earns a Silver Morningstar Analyst Rating.

JPMorgan American Ord - Bronze from Netural

Jeffrey Schumacher 

After its strategy change in June 2019, JPMorgan American Ord benefits from seasoned managers, deep resources, and a decent process, which earn it a Morningstar Analyst Rating of Bronze. The fund amalgamates the highest convictions of the veteran duo of Jonathan Simon and Tim Parton, who run the strategy's value and growth sleeves, respectively. Eytan Shapiro runs a minor small-cap sleeve in the fund. All managers have multiple decades of experience in their respective specialties and rely on a large team of career analysts and significantly invest in the strategies they manage. The 20-40 stock portfolio displays their highest convictions. Despite that the allocation to the value and growth sleeves have been kept in a 60%-40% range, the strategy's historical portfolios have consistently resided in the growth column of the Morningstar Style Box. We would have expected a more balanced profile from such an approach, and this can limit the strategy's attractiveness in our view. In addition, the fund has hardly invested in small caps, while those have also added value in the Advantage funds that Simon and Parton manage. 

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Jeffrey Schumacher  is a Fund Analyst with Morningstar Benelux.

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