Manager Research
all members of our manager research team have over ten years of investment experience.
We have updated our rating on this fund to Tier 3. A number of concerns raised in the initial review have remained, and we have identified a number of new issues which we feel impede the funds ability to perform in future. It has been a particularly difficult performance period for the fund manager (RECM), however this is to be expected given the nature of how they manage money, following a value/contrarian approach. Our concerns are more focussed on the view that we are less certain that the net performance result through a full market cycle will be positive for clients. There are a number of contributing factors which have guided us to this view, ranging from team through to portfolio construction. We must highlight the fact that this rating is qualitative and evaluates the fund prospectively; clients who hold this fund already should take cognisance of where it is in its performance cycle before considering any changes.
Nedgroup Investment Managed Fund: Rating change from Tier 2 to Tier 3.
23 Dec 2014