Forsyth-OBSR has pulled it's A rating from the Gartmore US Opportunities fund following the exits of co-managers Gil Knight and Chris Baggini.
The fund ratings service says it wants to get to know the team at new fund manager, US-based Marsico Capital Management (MCM), before it decides whether to reinstate it.
Knight and Baggini, of NWD Investments, co-managed the onshore and offshore US Opportunities funds at Gartmore but MCM will take over on 29 June following a period of underperformance.
MCM, which will also take over the management of the Gartmore US Growth fund, does not currently advise on any mandates available in the UK.
Gartmore also says, while MCM has an impressive investment track record in the US, it is unfamiliar with “pronounced differences” in MCM’s investment style, particularly with it’s penchant for a “greater degree of holdings concentration”.
A spokesperson for Forsyth-OBSR says: “Although both [NWD and MCM] follow a similar all-cap growth-biased style, there are some pronounced differences between their investment processes.
“Given these differences, as well as the new management team and forthcoming overhaul of the portfolio, we feel it is prudent at this time to remove the A rating held by the fund and remove it from the service to allow us time to gain a greater understanding of MCM and their investment style.
“We will be meeting with the new management in the coming weeks and will continue to monitor developments very closely.”
The manager changes follow a comprehensive review of Gartmore’s US Equity platform.
Paul Feeney, managing director and head of distribution for Gartmore Investment, says: “For UK investors, this is a unique opportunity to be able to access Marsico’s expertise as this is the first time they have been available via a UK onshore product.”
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