James Abate's GAM Star American Focus fund has been awarded an AAA rating from S&P, while Gordon Gre...
James Abate's GAM Star American Focus fund has been awarded an AAA rating from S&P, while Gordon Grender's GAM North American portfolio was upgraded from A to AA in the latest review of the sector.
At the same time, three of Aberdeen's North American funds lost their ratings as a result of Rupert Della-Porta's departure from the group's US equity team. The only Aberdeen North American fund to retain an S&P rating is Aberdeen American Opportunities, with a single A, run out of the US by mutual fund group Phoenix.
According to S&P, value-orientated fund managers had a competitive advantage over the past year. The more extreme absolute value managers did outperform as a group and the aggressive growth managers generally did poorly, analyst Linda-Jane Coffin said.
Other funds to be downgraded over the period included Aegon American, from AA to A, Britannic American Growth, from AA to unrated, MFS US Growth Equity, down from AA to A, and Newton American, which was downgraded from A to not rated.
Coffin said: 'The distribution of market returns was asymmetrical in 2002, with only a few strong outperformers and a far greater number of extreme underperformers. Many managers regret having owned Tyco International, Adelphia and WorldCom last year.'
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