Mixed reports for Tyndall
Fund manager Tyndall Investment Manager has received conflicting ratings from two of the industry’s research houses.
Morningstar has regraded the fund manager from two stars to one star, the latter which denotes "very poor quality" for a fund manager.
Assirt, meanwhile, has issued data which rates Tyndall's business management as strong, its operating capacity as competent and its Australian shares management as competent.
Morningstar's reasons for the downgrade, which is believed to be the lowest rating ever given to a fund manager by the research house, stems from the fact that 90 per cent of Tyndall's funds under management were in very poor quality one star funds as at April 30, 2001. The average in the industry, says Morningstar, is around 40 per cent.
Assirt on the other hand, has said Tyndall has been "to the bottom and back", as its deep value style was victim of the market's growth bias of the late nineties and early 2000. But Assirt says since July 2000, Tyndall's equity portfolios have recovered, with the wholesale and retail Australian shares back in the second quartile and "solidly outperforming the benchmark".
AUTHOR
Lachlan Gilbert
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