Upgrades
Janus Henderson European Selected Opps – Silver
Peter Brunt
We continue to have conviction in this strategy's manager and his consistent application of his investment approach over multiple market cycles. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Rating for the I Acc share class is raised to Silver from Bronze. Other share classes range from Silver to Neutral.
Janus Henderson Continental European – Silver
The Morningstar Analyst Rating for the H € Acc share class is raised to Silver from Bronze. Other share classes range from Silver to Neutral.
Janus Henderson European Focus – Silver
The Morningstar Analyst Rating for the I Acc share class is raised to Silver from Bronze. Other share classes range from Bronze to Neutral.
Henderson European Focus (HEFT) – Silver
The Morningstar Analyst Rating is raised to Silver from Bronze.
Robeco QI Global Conservative Equities – Gold
Jeffrey Schumacher
This fund’s talented team, well-defined process, and reliable performance pattern make it an appealing offering for investors. Our conviction in the team and process has not changed, with People receiving a pillar rating of Above Average and Process receiving High. However, under our enhanced ratings framework, which places a greater focus on fees and expected benchmark relative performance, the Morningstar Analyst Rating for its cheapest share classes including the clean C share class increase to Gold from Silver, while more expensive classes land at Silver and Bronze.
Brandes European Value – Gold
Mathieu Caquineau
Brandes European Value benefits from an experienced and very stable team of five managers who share the same strict value approach. They are all analysts themselves, but they are also supported by a large team of like-minded analysts organised along global sectors. Our confidence in their skills and capabilities has increased over time, and this is reflected in the fund's People rating of High, while the Process Pillar receives an Above Average rating. Brandes' Parent rating was also recently confirmed as Above Average. Under our enhanced ratings framework, the Morningstar Analyst Rating for the institutional and clean share classes earns an upgrade to Gold from Silver. The retail share classes keep a Silver rating.
Downgrades
Capital Group New World - Silver
Mathieu Caquineau
This fund’s broad and measured approach effectively damps emerging-markets volatility. The strategy also benefits from its team’s systemic strengths as well as the managers' experience, ability, and aligned interests. Under our new ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Rating for the fund’s clean share class Z is lowered to Silver from Gold. Cheaper share classes are rated Gold, while the most expensive are rated Bronze.
Man GLG Japan CoreAlpha - Silver
Robert Starkey
This fund continues to be a good option for Japanese value equity exposure. Stephen Harker continues to apply a value-driven investment approach in a disciplined and consistent manner and is supported by his management stable team. The process has been consistently applied and is still expected to provide positive outcomes in the long run. However, there is a decrease in the conviction regarding the process given a re-evaluation of the strategy relative to similar peers, with emphasis on the manager’s self-appraisal of investment decisions.
This re-evaluation has led to a higher hurdle being set to achieve best-in-class status. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Rating for the clean share class is lowered to Silver from Gold. The more expensive share classes receive a rating of Bronze, while the cheaper share classes receive a Silver rating.
