S&P lowers ratings on Japan funds

By Jenne Mannion The Schroder Tokyo unit trust has had its Standard & Poor's Fund Services rating reduced one band to frAA, while the GAM Japan Growth Fund's rating also fell one band, to frA. S&P said the Schroders unit trust run by Dennis Clough has underperformed the peer group over the past 12 months, due to the manager's value orientation which has not been suitable in the momentum-driven market conditions. This marks the second successive year of underperformance, bringing the fund's overall three-year ranking into the third quartile in its Autif sector. The GAM Japan Growth Fun...