JP Morgan fund rating revised by Morningstar OBSR

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Categories:Investments

According to Morningstar OBSR, the decision was made following an amendment to the investment process of the fund and “in light of disappointing performance over an extended period of time”.

A Morningstar OBSR spokesperson adds: “While we recognise that very challenging market conditions have created a difficult environment for the fund, we feel a neutral rating is now more appropriate.”

Talib Sheikh, co-manager of the Cautious Total Return fund says the fund would be looking for greater diversification within the fund’s equity and bond portfolios.

In the fund’s most recent factsheet, managers Sheikh & Neill Nuttall said they believed returns would come from its pro-risk allocation in 2012, and would accumulate high quality dividend yielding stocks “particularly in the US and the energy sector”.

The managers will continue to avoid financial stocks but will increase exposure to convertible bonds beyond 10% through US and Asian names with attractive yields.

Its sister offshore fund – the €977.7m (£789.5)  JP Morgan Global Capital Preservation fund – has also had its rating changed to “neutral”.

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