Assirt hands out glowing report cards

A collection of positive ratings have been bestowed by research houseAssirton fund managersAXAandABN Amro, with most of their fund sectors and management capabilities being branded as “strong”.

AXA received “strong” ratings in Australian equities (growth), fixed interest, direct property, listed property trusts, international equities (growth) and operating capability, as well as “very strong” ratings in mortgages, cash, international equities (value) and business management.

However, AXA’s multi-manager hedge fund received only a “weak” rating, while its asset allocation, Australian equities (value) and international fixed interest sectors were labelled “competent” by Assirt.

The research house says the “weak” multi-manager rating was as a result of the co-heads of this fund within AXA having departed to form their own advice vehicle.

On the whole, Assirt says that AXA group chief executive Les Owen and his management team have achieved key objectives over the past three years, including doubling their retail fund value and halving AXA’s expense ratio.

ABN Amro was given a similar glowing rating, with its business management, Australian shares, international shares and international shares (SRI) being labelled “strong”, and its operating capability “competent”.

The research house says that because the manager’s style has been out of favour, its performance in both Australian and international equities has been disappointing, but that it was well positioned for a market turn-around.

Assirt says it still highly regards the investment teams and processes of the fund manager, and views some recent changes to the global international equities team positively.