Morningstar Fund Ratings: Weekly Round-up

In the first ratings round-up of 2021, there are new ratings for two ESG funds, upgrades for bond and Japanese funds and a downgrade for a global equity income fund

Ronald van Genderen 5 January, 2021 | 9:48AM
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New Ratings

BNP Paribas Global Environment – Silver

Ronald Van Genderen

BNP Paribas Global Environment is subadvised by Impax and comanaged by a cohesive and experienced portfolio construction team, one of the strongest within its Morningstar Category. This four-member team is part of and backed by Impax's listed equity team, an extensive group that mixes experienced professionals with more-junior staff. The team applies an established and well-structured bottom-up process that targets growth companies where at least 20% of business is derived from activities in environmental markets. The team follows a detailed 10-step research process and carries out a comprehensive valuation assessment based on discounted cash flow models and various multiples, including scenario analysis. We initiate coverage with a Morningstar Analyst Rating of Silver on its very cheapest share classes, while more expensive ones earn Bronze or Neutral ratings.

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About Author

Ronald van Genderen  is a fund analyst for Morningstar Netherlands

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