Liontrust UK Equity fund loses Square Mile A rating amid de Uphaugh and Fields retirement
Imran Sattar will remain as the sole manager of the fund, which led Square Mile analysts to remove the rating due to the “material” change in structure.
Imran Sattar will become sole manager of the fund, which led Square Mile analysts to remove the rating due to a «material» change in structure.
James de Uphaugh to retire after 36-year career
They said: «The combination of three portfolio managers formed an attractive blended style of management which [we] believe will be lost with this restructuring. Square Mile acknowledges that Mr Sattar is an experienced and capable portfolio manager, but his appointment as sole manager fundamentally changes the nature and potential investor outcome of this fund.»
The Fidelity Multi-Asset Income fund has had its A rating suspended for a similar reason, as lead manager Eugene Philalithis retires in March 2024.
Square Mile analysts acknowledged the continuity in management of the fund, as George Efstathopoulos and Becky Qin will continue running the fund supported by the wider multi-asset team, but they said it is «prudent» to assess the strategy's evolution under the leadership of incoming manager Talib Sheikh.
AXA has retained an A rating for its Framlington Global Sustainable Managed fund, despite the departure of Mark Healy, who was responsible for fixed income allocation, alongside Nick Hayes.
Square Mile analysts noted the strategy has a «structurally low exposure to fixed income» and the mandate on this portion of the portfolio is «relatively inflexible». With Hayes, Jamie Forbes-Wilson and David Shaw remaining to run the strategy, Square Mile said it does not foresee any «significant impact on the fund».
The Academy of Funds also upgraded two funds' ratings to A.
The LF
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