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Morningstar re-rates managers

Morningstar has changed the star ratings for several fund managers, upgrading some and downgrading others.

Tuesday, November 25th 2003, 9:09PM

Fund manager

No of Morningstar stars

Change

National Bank

5

N/c

ASB Bank

4

+1

Asteron

4

+1

ING/ANZ

4

N/c

BNZ

3

N/c

BT

3

N/c

Fidelity

3

N/c

Guardian Trust

3

-1

Sovereign

3

-1

AXA

2

N/c

Tower

2

N/c

Westpac

2

+1

AMP

1

-1

ASB Bank and Westpac have been upgraded to four and two stars respectively, reflecting improved contribution from their home loan and mortgage trusts.

Asteron (formerly Royal & SunAlliance) also moved up to a four star rating, mainly on the back of the performance of its multisector funds.

Meanwhile Guardian Trust, Sovereign and AMP have each lost a star following a decline in relative performance of their funds. All other ratings are unchanged.

Morningstar revised its star ratings back in July, moving from a complex formula which accounted for qualitative and quantitative factors to one which is now based solely on risk adjusted returns over three and five year periods.

One of the interesting things in the new ratings is that Westpac, which was highly disappointed with its original rating, have moved up the table.

Westpac’s concerns centred around the treatment of tax losses and the fact that the ratings are based on funds three years ago, and all the funds are rolled up on a weighted average basis.

Morningstar notes that fund perfomance, which feeds into manager ratings, can be affected by the timing differences of factors such as deferred tax.

To be eligible for a rating the manager must offer products in at least three categories used by Morningstar in its Fund Manager of the Year Awards.

Several managers aren’t eligible for ratings as their funds don’t cross sufficient sectors.

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Last updated: 14 February 2024 1:37pm

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