Insights

Square Mile introduces the Baillie Gifford Japanese Smaller Companies to the Academy of Funds

We are pleased to introduce the Baillie Gifford Japanese Smaller Companies fund to Square Mile's Academy of Funds with an A Rating. We see this fund as an attractive choice for long-term investors seeking exposure to Japan's smaller companies growth potential.

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Fund Rating Removal

We have taken the decision to remove the 7IM AAP and multi-manager ranges from Square Mile's Academy of funds. Over time our conviction in 7IM's asset allocation capability has waned following the departure of some senior members of the investment team. This has also coincided with a period of weaker performance. More recently, there have been changes to the investment sub-teams to allow a greater level of responsibility and accountability across the various investment disciplines, including asset allocation and investment selection.

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Fund Rating Reinstated

We are pleased to confirm we have awarded the Matthews Asia Asia Smaller Companies fund a Positive Prospect rating. The fund previously had an A rating but this was suspended earlier in the year when its size fell due to investor redemptions. Since then we have been encouraged by the efforts of the group to improve the fund's assets.

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Square Mile introduces the Troy Trojan fund to the Academy

We are very pleased to announce that we have introduced the Troy Trojan fund into the Academy of Funds at an AA rating.

Investors in the fund benefit from a seasoned portfolio manager that has followed a tried and tested investment process since the fund was launched in 2001. He is supported by a strong and experienced team, who all share the same investment philosophy as well as investment ideas. We like the manager's longer-term approach, which means he is not distracted by short-term relative performance. This allows him to be patient and help preserve investors' capital during periods when risks are high and take on more risk when the risk-return potential is more favourable.

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LGIM Whistleblowing

Many of our clients may have read in the FT today (31/07/18) that Legal & General Investment Management (LGIM) has been reported to the FCA by two of its employees under a scheme known as 'whistleblowing'. Whistleblowing is a normal part of fund management risk controls, where employees are encouraged to take concerns which they feel are not being dealt with in their immediate reporting lines to independent investigators inside or outside the company. Many asset management firms will have experienced whistleblowing at some point.

We have spoken to LGIM about this report and clients should be reassured that they are taking it very seriously. This incident relates to three potential errors which were allegedly not correctly investigated. LGIM is conducting a full investigation into these at present.

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Square Mile introduces the Artemis US Absolute Return fund and the Ashmore Emerging Markets Short Duration fund to the Academy of Funds

We are delighted to announce the rating of two new funds to the Square Mile Academy of Funds. We have awarded the Artemis US Absolute Return fund and the Ashmore Emerging Markets Short Duration fund both an 'A' rating.

Although the Artemis US Absolute Return fund was launched only at the end of 2014, Stephen Moore has been managing money in this format since 2010 and has an impressive record of providing consistent absolute returns and protecting capital in market downturns.

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Suspension of ratings of Standard Life Investments Global Index Linked Bond and Short Duration Global Index Linked Bond funds

Following the announcement that one of the co-managers of the above funds, Katie Forbes, has moved from the real returns team to the multi asset team at Aberdeen Standard Investments and will no longer be named as a manager, we have taken the decision to suspend our ratings of the two funds.

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Square Mile introduces the Liontrust Strategic Bond, Old Mutual Asia Pacific and Old Mutual Global Equity Income funds to the Academy of Funds

We are delighted to announce the rating of three new funds to the Square Mile Academy of Funds. We have awarded the Liontrust Strategic Bond fund a 'P+' rating, the Old Mutual Asia Pacific and the Old Mutual Global Equity Income both an 'A' rating.

The Liontrust Strategic Bond fund, is a new fund for Liontrust, it is run by a small team of highly experienced managers, and what they lack in track record on this mandate they make up for in expertise in our view.

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New Baillie Gifford, Legal and General and Premier Talking Factsheets have been added to the Academy

We have added three new Talking Factsheets to the Square Mile Academy of Funds, featuring Head of Research, Victoria Hasler and Head of Risk Based Solutions, Alex Farlow, reviewing the objectives and risks and giving their views of the funds.

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Square Mile introduces the Newton Global Dynamic Bond Income fund, the L&G Cash Trust and the Matthew Asia Asia ex Japan Dividend fund to the Academy of Funds

We are delighted to announce the rating of three new funds to the Square Mile Academy of Funds. We have awarded the Newton Global Dynamic Bond Income fund an 'A' rating, the L&G Cash Trust a 'Recommended' rating and the Matthew Asia Asia ex Japan Dividend a 'Positive Prospect' rating.

The Newton Global Dynamic Bond Income fund is a natural extension of the already rated Newton Global Dynamic Bond fund. The fund's managers invest across global government and corporate bond markets in an attempt to provide a relatively high income stream to investors. Whilst a reasonably new strategy we believe the fund has both the team and process in place to provide investors with a healthy income stream in most market environments.

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