S&P downgrades AMP Capital fund
Research house Standard & Poor’s Funds Services (S&P) has downgraded the AMP Capital Sustainable Share A fund to two stars after removing its ‘on hold’ rating.
Before it was placed ‘on hold’ due to a key personnel departure, the fund was rated as three stars. Commenting on the downgrade, S&P Fund Services James Gunn said the team’s separation of responsibilities between environmental, social, and governance, and fundamental research underpinned the importance of retaining investment professionals across both disciplines, “which the manager has struggled to do”.
“The individuals now responsible for fundamental research only have a moderate level of investment experience relative to peers and we believe the fund may continue to struggle to meet its investment objectives," Gunn said.
The downgrade came as the researcher released its ratings on the first four of 12 peer groups in its 2011 Australian Equities Large Cap sector review.
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