Despite the agency’s “high regard” for fund manager Sun, the Veritas Asian fund was downgraded to silver status.
“The period since 2008 has been especially difficult for fundamental stock pickers given the dominance of macroeconomic and political concerns,” writes the agency.
“Notwithstanding this, we believe that the performance outcome for the combination of long-term investments with shorter-term trading ideas of this portfolio has been somewhat disappointing for investors and we therefore believe a silver rating to be more appropriate.”
The JP Morgan Europe Smaller Companies fund was downgraded to bronze status after the investment process was changed to a higher conviction model.
The fund rating agency says the downgrade was appropriate while the amended process is implemented.