Select fund range changes.

    We have chosen Morningstar, a global independent investments research company, to select a range of funds for our customers. This range is designed to make it easier for you to choose the right fund(s). It is not a personal recommendation.

    The expert team of analysts at Morningstar keep a close eye on how the Select Fund Range is performing and can make changes to the funds in the range on a quarterly basis.

    The commentary and rationale is provided by Morningstar who maintain the select list –but you should remember that references to past performance is no guarantee of future returns and that the value of investments and the income from them can fall as well as rise, and you may get back less than you invest.

    We created our Select Fund Range in March 2018 - the table below shows details of when and why changes have been made.


    Details of changes

    Name of investment What’s changed? (Morningstar view) Date changed
    Janus Henderson China Opps I Acc (Accumulation)

    Removed.

    Following the announcement that manager Charlie Awdry has decided to step down from Janus Henderson China Opportunities fund, the Morningstar Analyst Rating was recently placed Under Review. Morningstar no longer believe the funds represents one of their best ideas in this sector.

    18/05/2020

    Jupiter Merlin Growth Portfolio I Inc (Income)

    Jupiter Merlin Growth I Acc (Accumulation)

    Removed.

    Morningstar Analyst Rating has been downgraded to neutral and it is no longer believed the fund represents one of their best ideas in this sector.

    18/05/2020

    ASI Global Ethical Equity I Acc (Accumulation)

    ASI Global Ethical Equity I Inc (Income)

    Removed.

    Morningstar believe there is lower conviction in the investment so the Morningstar Analyst Rating has been downgraded to Neutral from Bronze  and it is no longer believed the fund represents one of their best ideas in this sector.

    18/05/2020

    Merian Europe ExUK Smlr Coms R GBP Acc (Accumulation)

    Merian Europe ExUK Smlr Coms R GBP Inc (Income)

    Removed.

    A recent bout of underperformance means the fund now resides in the bottom quartile of the IA European smaller companies peer group over one and three years. As a result, Morningstar no longer believe the funds represents one of their best ideas in this sector and are recommending the removal of this fund.

    18/05/2020
    First State Greater China GR B Acc GBP (Accumulation)

    Added.

    Performance has been remarkably consistent, outperforming the peer group average every calendar year for the past ten years.

    18/05/2020

    Trojan O Acc (Accumulation)

    Trojan O Inc (Income)

    Added.

    An offering that Morningstar believes could offer capital preservation and potential long-term capital growth within a very risk aware process.

    18/05/2020

    Stewart Investors Wldwd Sustbl B Acc GBP (Accumulation)

    Stewart Investors Wldwd Sustbl B Inc GBP (Income)

    Added.

    The investment team is experienced and displays impressive deep insights into the companies researched and despite sitting across four global offices, collaboration is a key feature.

    The group’s approach is straightforward and distinct and has led to strong risk-adjusted performance over the long-term.

    18/05/2020
    ASI Europe ex UK Smaller Comp P1 Acc (Accumulation)

    Added.

    Since Andrew Paisley became manager in August 2014, the strategy has comfortably outperformed its EMIX Smaller European Companies ex UK benchmark and the Morningstar Category average. Analysis suggests that stock selection has been a strong driver of the excess returns.

    18/05/2020
    AXA Global High Income Z Gross Acc (Accumulation)

    AXA Global High Income Z Gross Inc (Income)
    Added.

    The fund combines a distinctive process with a pair of experienced, well resourced teams at a competitive price. These factors have led to strong risk adjusted returns over time.
    18/02/2020
    Fidelity Asia W Acc (Accumulation) Added.

    The fund benefits from an experienced manager who is supported by a well-resourced team. The consistency and discipline of the investment approach has helped the fund achieve strong risk-adjusted returns over the manager’s tenure.
    18/02/2020
    Fidelity MoneyBuilder Income W Inc (Income) Added.

    Income fund is being added to compliment existing Accumulation fund.
    18/02/2020
    RLBF II Royal London Ethical Bond Z Inc (Income) Added.

    The fund benefits from an extremely experienced manager managing a stable and well-resourced team. Returns since the financial crisis have been strong and the strategy represents a good option for investors looking for robust corporate bond exposure with an ethical tilt.
    18/02/2020
    Royal London Sustainable Div C Acc (Accumulation)

    Royal London Sustainable Div C Inc (Income)
    Added.

    The fund is a strong choice for investors looking for moderate long-term capital growth with reduced volatility, from a balanced portfolio of equities and bonds, using a sustainability approach that has been used in a disciplined manner over time.

    The fund benefits from one of the most established sustainable investment teams in the sector, with both managers part of the sustainable team since its formation in 2003. Since launch returns are comfortably ahead of both peers and the benchmark.
    18/02/2020
    Royal London Sustainable Mgd Gr C Acc (Accumulation)

    Royal London Sustainable Mgd Gr C Inc (Income)
    Added.

    The fund is a strong choice for investors looking for modest income and capital growth from a portfolio centred around bonds, with some exposure to equities, using a sustainability approach that has been used in a disciplined manner over time.

    The fund benefits from one of the most established sustainable investment teams in the sector, with both managers part of the sustainable team since its formation in 2003. Since launch returns are comfortably ahead of both peers and the benchmark.
    18/02/2020
    Royal London Sustainable World C Acc (Accumulation)

    Royal London Sustainable World C Inc (Income)
    Added.

    The fund is a strong choice for investors looking for long-term capital appreciation from an equity dominated portfolio, using a sustainability approach that has been used in a disciplined manner over time.

    The fund benefits from one of the most established sustainable investment teams in the sector, with both managers part of the sustainable team since its formation in 2003. Since launch returns are comfortably ahead of both peers and the benchmark.
    18/02/2020
    Vanguard LifeStrategy 80% Equity A Acc (Accumulation)

    Vanguard LifeStrategy 80% Equity A Inc (Income)
    Added.

    The fund holds a Morningstar Analyst Rating of Gold and employs a straightforward, diversified and low-cost approach, making it a sound long-term option. It is part of a range of five fixed-allocation funds. Vanguard’s approach to its LifeStrategyrange is simple and transparent offering five funds differentiated by their target equity/bond allocations.
    18/02/2020
    Kames Ethical Cautious Managed GBP B Acc (Accumulation)

    Kames Ethical Cautious Managed GBP B Inc (Income)
    Removed.

    Although the fund’s Morningstar Analyst Rating was maintained at Bronze earlier in the year the Kames’ equity and fixed income teams have witnessed many changes over the past couple of years.
    18/02/2020
    LF Majedie UK Equity X (Accumulation) Removed.

    The funds Morningstar Analyst Rating has been downgraded to neutral following changes to the management of the fund.
    01/10/2019
    River & Mercantile UK Equity Smaller Companies B (Accumulation)

    River & Mercantile UK Equity Smaller Companies B (Income)
    Removed.

    Morningstar no longer believe this fund can be considered one of their best ideas in the sector.
    01/10/2019
    Franklin UK Smaller Companies W (Accumulation)

    Franklin UK Smaller Companies W (Income)
    Added.

    Morningstar are adding this fund to the select list as a replacement for the fund ‘River & Mercantile UK Equity Smaller Companies’. Morningstar believe this addition to the select list offers a solid option for UK smaller companies’ exposure.
    01/10/2019
    Artemis Global Income I Inc (Accumulation)

    Artemis Global Income I Inc (Income)
    Removed.

    The fund’s Morningstar Analyst Rating has been downgraded to Neutral. This is on the back of concerns around the strategy’s execution, liquidity, and risk management.
    28/08/2019
    Jupiter Absolute Return I Acc (Accumulation) Removed.

    The fund’s Morningstar Analyst Rating has been downgraded to Neutral. This was a result of the portfolio having a mixed track record.
    28/08/2019
    Jupiter Ecology I Acc (Accumulation)

    Jupiter Ecology I Inc (Income)
    Removed.

    The fund’s Morningstar Analyst Rating has been downgraded to Neutral. This was due to a loss in confidence on the management of the fund.
    28/08/2019
    Fidelity Strategic Bond Net Y (Income)

    Fidelity Strategic Bond Y Acc (Accumulation)
    Removed.

    Due to management changes Morningstar no longer believe this fund constitutes one of their best ideas in the sector.
    28/08/2019
    Legg Mason Wa Mcr Oppbd X Gbph Acc (Accumulation) Removed.

    Morningstar no longer believe this offering within its category constitutes one the best ideas in the sector.
    28/08/2019
    Jupiter Distribution and Growth I Inc (Income) Removed.
    A higher U.K. bias has affected returns since the Brexitvote in June 2016 and stock selection has continued to deteriorate. The short and long term strategy are also tied in with the Brexitoutcome. Morningstar’s view is that the investment process has declined, the analyst rating has now downgraded this investment from Bronze to Neutral.
    26/04/2019
    Schroder Tokyo Z Acc £ (Accumulation)

    Schroder Tokyo Z IncGBP (Income)

    Removed.

    Andrew Rose who is a long-standing manager will retire in June 2019. His departure will mark a significant loss in experience. He will be succeeded as lead manager on this fund by Masaki Taketsume. Taketsume has extensive experience analysing Japanese technology stocks but little portfolio-management experience. Analyst rating downgraded from Under Review to Neutral.
    26/04/2019
    Kames Ethical Corporate Bond GBP B Acc (Accumulation)

    Kames Ethical Corporate Bond GBP B Inc (Income)
    Removed.

    Analyst rating downgraded from bronze to neutral following internal managerial changes.
    25/01/2019


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