Morningstar OBSR reviews M&G North American after manager change


Morningstar OBSR is mulling the M&G North American Value fund’s rating following the appointment of Daniel White as fund manager

Earlier this week White replaced PPM America’s Richard Brody as manager of the £120m fund. Previously, the fund held a Morningstar OBSR Analyst Rating of bronze.

A spokeswoman for Morningstar UK says: “Following the news that Chicago-based fund house, PPM America, will no longer be the sub-investment manager of the M&G North American Value fund, Morningstar OBSR has placed the fund’s rating under review.

“Morningstar OBSR will meet with Mr White in due course to discuss the new structure and his plans for the fund.”

FE Analytics shows White has made his investors 27.49 per cent over the past year, compared with Brody’s 23.18 per cent gain.

Following the manager switch, Brody – who had managed the fund since 2005 – has been assigned to focus on portfolios at M&G’s US affiliated investment advisers PPM America.

White had been co-manager of the £515m M&G European Strategic Value fund since 2011 and is now deputy manager as part of the move.

M&G North American Value’s cumulative performacne to 22 August 2013

M&G North American Value -3.12% 9.79% 23.13% 49.04% 63.19%
-2.89% 8.35% 20.74% 53.26% 58.45%
-0.24% 1.32% 1.98% -2.75% 2.99%
  42 / 104 18 / 101 21 / 100 65 / 91 31 / 78
2 1 1 3 2

Source: FE Analytics