Morningstar has downgraded the Kames Equity Market Neutral, Kames Equity Market Neutral Plus and Kames UK Equity Absolute Return funds following David Griffiths’ exit from the fund manager.
The funds now have a neutral rating rather than bronze.
Griffiths stepped down for family reasons at the end of July with David Pringle and Malcolm McPartlin remaining as co-managers of the fund.
Morningstar senior analyst Randal Goldsmith says Griffiths had over 20 years’ investment experience, and had managed the UK Equity Absolute Return strategy with Pringle from its inception in early 2010.
“The loss of Griffiths’ UK equity absolute return experience, and his input into the team’s research, which included the banks, lowers our conviction at these funds,” Goldsmith says.