Morningstar Fund Ratings: Weekly Round-up

The latest batch of Morningstar fund rating reviews features one new rating and four downgrades

Mathieu Caquineau, CFA 25 August, 2020 | 10:18AM
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Fund Ratings

New Ratings

GQG Partners Global Equity – Silver

Mathieu Caquineau

GQG Partners Global Equity has a short, yet promising track record. Our confidence about its long-term merits rests on its experienced and successful manager, Rajiv Jain, and its distinctive strategy. Jain built an enviable record at Vontobel before creating GQG Partners in 2016. He looks for companies with a manageable amount of debt, if any; proven leadership with a record of prudent capital allocation; and a history of weathering tough economic conditions. He's more interested in steady growth than the firms with the highest growth rates. The fund earns a Morningstar Analyst Rating of Silver for its I share classes and Gold for the cheapest P shares.


Merian North American Equity – Bronze from Silver

Fatima Khizou

An experienced quant lead manager supported by a capable investment team, together with a well designed and dynamic quantitative investment process, continues to make Merian North American Equity a solid offering. Our positive view on the investment team and approach has not changed. However, under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the R GBP clean share class has been downgraded to Bronze from Silver. Ratings on the other share classes range from Bronze to Silver.

NN (L) Patrimonial Defensive – Neutral from Bronze

NN(L) Patrimonial Balanced – Neutral from Bronze

NN (L) Patrimonial Aggressive – Neutral from Bronze

Matias Möttölä

We have downgraded most share classes of the globally investing NN (L) Patrimonial funds Defensive, Balanced, and Aggressive to Neutral from Bronze, while the cheapest Z share classes of these funds maintain a Bronze rating. We continue to appreciate the team running the funds, which is led by the experienced Siu Kee Chan together with Jan Kvapil and supported by NN IP’s strong strategy team. While the investment process continues to have some positive elements, we have doubts about its ability to deliver consistent value added on an after-fee basis.

Note: Under Morningstar's ratings methodology, different share classes of a fund may have a different rating

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.

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About Author

Mathieu Caquineau, CFA

Mathieu Caquineau, CFA  Senior Fund Analyst, Morningstar France

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