From the monthly archives: May 2017

We are pleased to present below all posts archived in 'May 2017'. If you still can't find what you are looking for, try using the search box.

Changes to Kames UK Equity Absolute Return Fund

Following the news of the impending departure of co-lead manager, David Griffiths, we have decided to suspend the rating of this fund. Mr Griffiths is leaving at the end of July to pursue other interests.

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New AXA IM and Jupiter Talking Factsheets

We have added two new Talking Factsheets to the Square Mile Academy of Funds. Talking Factsheets is a service for users of the Square Mile Academy of Funds, combining Square Mile's independent, qualitative fund research with accessible video content. The Talking Factsheets feature Square Mile's team of analysts reviewing the objectives and risks and giving their view of funds drawn from the Rated, Recommended and Positive Prospects lists.

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Jupiter Strategic Reserve Fund

We have decided to change the rating on the Jupiter Strategic Reserve to A based on our lower conviction in the fund’s ability to meet its performance objectives in the medium term. The fund was previously rated AA.   We continue to have a positive view on the fund's underlying management team and on the investment approach applied by the lead manager and co-manager, Miles Geldard and Lee Manzi, respectively. Mr Geldard has an impressive record of maintaining investors' capital over a number of market crises in the last fifteen years, and we have confidence that he will continue to do so in future market crises. However, his cautious approach and reluctance to take on undue risk mean that this is a fund which may significantly lag other funds during periods of market strength. Although the performance target of cash plus 5% should be achievable in normal market conditions, in the current environment, where volatility has been artificially suppressed by central banks, a return of ...

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A Guide to Style

This is the first in a series of articles about investment style. Managers and funds are being increasingly categorised by their underlying investment approaches and the arrival of smart beta strategies will only serve to accelerate the process. The Morningstar style box was very formative early in my career as I am sure it has been to many fund analysts. After all there is little point in comparing a large cap value fund with a small cap growth fund. Of course, over time the limitations of this became apparent. Can managers be pigeon holed so neatly? Is it really impossible to find growth stocks trading on below average valuations? How can low beta equities produce market or even excess returns? These are questions that I am sure that many of you will have grappled with.

Over time I have refined the way that I look at funds and I tend now to only loosely classify them into one or more styles. These are: value, quality, growth/momentum and size. As none of these are mutually exclusive and the relationship can be best illustrated using the schools boy's favourite chart, the Venn diagram. For the sake of clarity, small/large caps have been omitted.

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Rating change for Kames Diversified Monthly Income

Square Mile Investment Consulting & Research has upgraded the Kames Diversified Monthly Income fund from a Positive Prospect rating to an A rating.

This fund, whilst relying on some of the specialist investment teams within Kames, is also heavily reliant on the Multi-Asset team and their asset allocation capabilities. Since introducing the fund into the Academy, our conviction in the team and in the lead manager, Vincent McEntegart, has strengthened as we have observed the robust process being consistently applied.

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