Morningstar Fund Ratings: Weekly Round-up

The latest batch of Morningstar fund rating changes features two upgrades and one downgrade, with one German equity fund upgraded to Gold

Natalia Wolfstetter 8 September, 2020 | 9:23AM

Fund Ratings

New Ratings

Stewart Investors Global Emerging Markets Sustainability – UK – Silver

Andrew Daniels

Stewart Investors Global Emerging Markets Sustainability is run by the 12-member Sustainable Funds Group within Stewart Investors, and it’s been led by Jack Nelson since May 2017. Nelson, who joined the firm in 2011 after receiving his bachelor’s degree, is less experienced than many emerging-markets equity managers. That said, he has been a comanager on the strategy since 2014 and has since been groomed under the well-regarded former lead manager David Gait, who is still a comanager here and remains actively involved. Not only does Nelson demonstrate an intimate knowledge of current and prospective holdings, but he has also done an excellent job adhering to Stewart Investors’ best-in-class investment approach.

Nelson seeks stocks led by reliable management teams that can deliver sustainable and predictable growth through pricing power, franchise strength, and limited regulatory oversight. The team homes in on firms whose revenues are less likely to be impacted during economic downturns, which has led the portfolio to be among the least volatile options in the global emerging markets equity Morningstar Category over the long term. Overall, conviction in the investment team and approach employed lead us to initiate Morningstar Analyst Ratings of Silver for the strategy’s cheapest share classes – including the B Acc GBP share class – while the more expensive share classes earn Bronze ratings.

Stewart Investors Global Emerging Markets Sustainability – Ireland – Silver

Andrew Daniels

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Natalia Wolfstetter  ist Director Fund Analysis bei Morningstar

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