BNY Mellon Real Return - Rating Removal
Following the news in May 2025 that Andy Warwick, co-manager of the BNY Mellon Real Return fund, Brendan Mulhern and Matthew Brown, long-standing members of the Real Return team, had left that business, which coincided with other significant recent leadership changes within the firm, we suspended the fund's A rating. We have since met with the new co-manager pairing, Aron Pataki and Ella Hoxha and learned that although the fund's objective will remain the same, the strategy will now sit under the newly formed and broader Absolute Return team. We believe that these changes are material, and our preference is to allow the team a period of time to transition the strategy and to build its track record. Consequently, we have removed the fund from the Academy of Funds.