Shooting stars and falling stars

Morningstar has upgraded two managers and knocked one back in its latest review of its star ratings.

ASB Group Investments, which won the recent Morningstar Fund Manager of the Year Award, has moved from a four star manager to the only five star company.

Morningstar says this was largely because the flagship ASB Residential Mortgage Trust, a five star fund, made up almost 35% of the total rated funds under management.

Three other noteworthy funds also helped ASB move up to five stars overall – the ASB Money Market trust (a five-star fund), the ASB New Zealand fixed interest trust (four stars), and the ASB Easyplan - conservative fund (four stars).

The National Bank has fallen from five stars to three. This was because of the inclusion of funds which have only recently become eligible to be rated. (Funds must have at least three years’ track record to get a star rating.)

The newly-rated funds have boosted the total size of The National Bank’s rated funds under management from $125 million to $355 million.

Fidelity Life Assurance Company has correspondingly been pushed up to four stars.

While Fidelity Life has less than $34 million in rated funds, these funds have performed well compared to more sizeable competitors. Other fund managers’ star ratings remain unchanged.

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