Rating removal - Downing European Unconstrained Income fund
We have taken the decision to remove the fund's Positive Prospect rating from the Square Mile Academy of Funds. This decision has been taken following the announcement that the strategy is being transferred to Tyndall Investment Management, where it is expected to be renamed the VT Tyndall European Unconstrained fund. We acknowledge that the fund is being transferred across in its entirety, including its portfolio managers, Mike Clements and Pras Jeyanandhan, and that the investment philosophy and process will remain unchanged.
However, given the uncertainty that this move creates, in terms of a new corporate environment and support surrounding the strategy, we feel we can no longer retain our conviction in the fund’s rating.