Colonial First State fund regains three-star S&P rating
Ratings house Standard & Poor's Fund Services has lifted its 'on hold' rating on the CFS Wholesale Aust Share Long Short Core Fund and rated the fund as three stars.
The ratings house said this represented the reinstatement of the three-star rating prior to the fund being placed 'on hold' in September 2011 following the retirement of the senior portfolio manager for the product, Martin Littler.
Commenting on the move, S&P Fund Services analyst Michael Armitage said the decision to reinstate the fund's rating was based on portfolio manager Wayne Gentle's ability, and the broader resources offered to him in the management of this product through the CFS core equity team.
"While we view Mr. Littler's departure as a negative, the repeatable core stock-selection process will mitigate the loss of experience from the team due to Mr. Littler's retirement," he said.
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