Insights

From the monthly archives: July 2020

We are pleased to present below all posts archived in 'July 2020'. If you still can't find what you are looking for, try using the search box.

Liontrust Strategic Bond Awarded an A Rating

We are very pleased to announce that we have upgraded the rating of the Liontrust Strategic Bond fund from a Positive Prospect to an A rating. We hold the managers of this fund in high regard and believe that they have proved themselves more than capable of successfully managing money as a small yet very competent team of three. Indeed, the fund has delivered above average returns, in what has been a challenging time for the managers' value driven approach, whilst the managers have stayed entirely focused on their core commitments of running money and servicing their clients.

We look forward to seeing this fund progress and maintain our conviction in the managers, their approach and their ability to continue to deliver attractive returns moving forwards.

Invesco fund ratings unchanged

Following the announcements that a number of senior investment analysts and portfolio managers have been promoted to co-manager roles on several of Invesco’s Fixed Interest funds, we are retaining our ratings on the following funds: Invesco Corporate Bond AAA, Invesco Tactical Bond AAA, Invesco Monthly Income Plus AA and Invesco Distribution AA.

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Allianz Strategic Bond Awarded an AA Rating

We are delighted to award an AA rating to the Allianz Strategic Bond fund. Using the discretionary global macro approach which they created, this fund's managers combine exposures to interest rates, credit, inflation and currencies in order to generate alpha.

We hold the fund's managers and their unconstrained, contrarian and high conviction approach in high regard and we believe that their abilities have been clearly demonstrated by the fact that they have been able to deliver strong returns, with a close to zero correlation to equities, across different market environments. Thus, providing an attractive source of diversification for investors' portfolios.

Polar Capital Global Technology to soft close

Following our update meeting with Nick Evans, the manager of the Polar Capital Global Technology fund, we can confirm that the fund will be soft closed from the 13th July. New investors will be unable to access the fund and any requests to purchase the fund on platforms will be blocked.

This soft closure will allow the two co-managers to focus on managing the assets already in the strategy and to continue to provide a high level of service to existing clients. The soft closure does not reflect on any immediate concerns with the size of the fund or Mr Evans’s ability to trade stocks in the market. That said, soft closing the fund will allow the managers to remain nimble in their allocation to smaller and medium sized companies.

We retain full conviction in the strategy and its managers and the fund maintains its A rating.

Baillie Gifford Multi Asset growth reintroduced to the Academy of Funds

We are pleased to announce the reinstatement of the Baillie Gifford Multi Asset Growth fund into the Academy with an A rating. This fund was suspended in July 2019 following the announcement that, team head at the time, Patrick Edwardson, was retiring and would depart the business in April 2020. Since this time we have met with the remaining team members on a number of occasions and are satisfied that collectively they continue to have the necessary experience and resources to be able to deliver on the fund's longer term investment objectives.

Fidelity Short Dated Corporate Bond Awarded an A Rating

We are pleased to announce an A rating on the Fidelity Short Dated Corporate Bond fund. This fund leverages on Fidelity's existing resources across the sterling corporate bond market with strategies like Moneybuilder Income fund, although providing a different output. Following the same philosophy and principles, the Fidelity Short Dated Corporate Bond fund is designed with the idea to deliver capital growth and income in a low risk manner, with a focus on high quality short dated bonds. The fund can be considered as cash substitute for investors who are willing to tolerate a higher level of volatility than cash, but can be rewarded with a higher income over time.

We like the relatively simple nature of the fund and the consistent process which the manager employs. Whilst this is not a strategy that will keep pace with wider credit markets in an up trend, it is also unlikely to produce any nasty surprises for investors.

Architas Multi-Asset Active range of funds retains Recommended Rating

Following today's announcement that Liontrust will acquire the UK investment business of Architas from AXA S.A, we have retained our Recommended rating on the Architas Multi-Asset (MA) Active range of funds.

Whilst we acknowledge the corporate change, we believe that, in the near term, there will be little meaningful impact on the UK investment business and in particular the Multi-Asset Active fund range. At this time there are no planned changes to either the investment philosophy or the way the funds are managed. The lead manager of the range, Nathan Sweeney, along with other members of the UK investment business will move to Liontrust as part of this deal. The completion of the deal remains subject to regulatory and shareholder approval and is expected before the end of the year. We will continue to monitor developments and provide further updates in due course.

Square Mile acquires Ethical Money Limited

Square Mile confirms the acquisition of Ethical Money Limited and its associated trading entity, 3D Investing, a specialist in the assessment of impact investing. This acquisition brings together two leading proponents of ESG and responsible investing: it further enhances Square Mile’s capabilities in the fields of ESG integration, responsible and impact investment services while extending the reach of 3D Investing’s proposition.

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