Portfolio Partners’ elite fund taken off hold
Standard & Poor’s has removed the ‘hold’ rating it placed on Portfolio Partners’ concentrated Australian equity fund, the Elite Opportunities Trust.
The research house suspended the Trust’s three-star ‘competent’ rating late last month, following the departure of portfolio manager Chris Kourtis for a private investment role at Consolidated Press Holdings.
That rating has now been reinstated, as it has been for Portfolio Partners’ High Growth Shares Trust, which is exposed to the same process but with additional shorting and arbitrage capabilities.
Kourtis has been replaced at the helm of the Elite Opportunities Trust by Richard Dixon, who will also share portfolio construction duties with Ian Lang.
Standard & Poor’s said both had “built a strong reputation” in building the High Growth portfolio, and was confident both could carry this forward into additional responsibility for the Elite Opportunities Trust.
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