Autumn 2023: the funds gaining and losing their Elite Ratings

Following its Autumn investment committee meeting, FundCalibre has awarded one new Elite Rating and two Elite Radar badges. FP Carmignac Emerging Markets receives an Elite Rating, while CCLA Better World Global Equity and VT Tyndall Real Income are awarded Elite Radar badges. A further three funds have lost their Elite Rating due to manager changes.

One newly Elite Rated fund

FP Carmignac Emerging Markets

FP Carmignac Emerging Markets is a high-conviction fund targeting attractive growth from large and medium-sized companies within emerging economies. The team looks to build a portfolio of 35-55 companies, focusing on sectors where they feel there are sustainable, long-term growth prospects.

This fund’s active, benchmark agnostic approach within the diverse landscape of emerging markets has provided excellent performance since its inception. The fund targets cash generative businesses in underpenetrated sectors in emerging economies with healthy macroeconomic fundamentals. We believe this fund should be a strong consideration for anyone looking for active emerging markets exposure.

Two funds gaining Elite Radars

The Elite Radar is a special badge for funds that may or may not not have the minimum three-year track record to pass FundCalibre’s AlphaQuest quantitative screen, but which are on the team’s watch list and are potential candidates for a full rating in the future

CCLA Better World Global Equity

With an ESG-orientated mandate, this fund is a quality-focused strategy offering a combination of capital growth and income. The fund is managed in line with CCLA’s approach to investing for a better world and targets businesses with stable and persistent growth, trading at attractive valuations.

This fund’s benchmark agnostic, responsible approach of investing in quality growth businesses at attractive prices has proven to be very successful since launch in 2022, with the fund providing strong returns with lower volatility than its peers. This fund should be on the radar for anyone looking for a global fund with an responsible focus.

VT Tyndall Real Income 

This is a high conviction, highly differentiated mid-cap focused UK income fund. Simon Murphy is a very experienced manager, and this fund offers something different with its combination of premium yield and dividend growth stocks.

Simon is a highly experienced manager with a long history managing UK equities. We applaud the fund’s high conviction approach to active management and low active management charge. The fund has started well despite a difficult period for mid-cap stocks. We will be watching the fund closely in the future.

Three funds lose Elite Rating

Matthews Asia ex Japan Total Return Equity — Yu Zhang, lead manager on this fund has left the company and although using a team approach, the fund has recently undergone meaningful changes and combined with a deteriorating AlphaQuest score, the fund therefore loses its Elite Rating.

Invesco China Equity — With a change of manager on the fund, the decision has been made to remove the Elite Rating from the fund pending a meeting with the new manager.

CT UK Extended Alpha — Chris Kinder, who has run this fund since it was re-launched in 2010 has left the company so the fund must lose its Elite Rating.