Morningstar Fund Ratings: Weekly Round-up

The H2O Allegro fund is downgraded to a Negative Morningstar Analyst Rating this week, and a handful of other funds also suffer downgrades

Briegel Leitao 7 April, 2020 | 9:23AM

analyst rating

Upgrades 

Franklin Mutual Global Discovery - Silver from Bronze

Ronald Van Genderen 

This strategy underperformed most peers in the global large-cap value equity Morningstar Category and the MSCI ACWI Value category benchmark, but Franklin Mutual Global Discovery should do well when value bounces back as it boasts a veteran team and distinctive process. However, we maintain our conviction in lead portfolio manager Peter Langerman, who has been managing this strategy since December 2009, and the experienced 21-person Mutual Series team. The long-standing approach concentrates on firms' enterprise values, what each business line is worth, and potential catalysts. The strategy will own merger-arbitrage plays, which help the team keep tabs on what informed buyers are willing to pay and thus confers an advantage over other value-minded rivals. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Rating for cheaper share classes is upgraded to Silver from Bronze. The ratings for more expensive share classes range from Bronze to Neutral.

Downgrades 

Axa Aedificandi - Neutral from Silver

Ronald Van Genderen

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About Author

Briegel Leitao  is Associate Analyst of Passive Strategies at Morningstar UK

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