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Asteron picks up five star rating

Asteron becomes Morningstar's only five star manager.

Thursday, August 5th 2004, 6:48AM
Asteron has replaced ASB Group Investments as the only manager to have a five star rating from research house Morningstar.

Morningstar moved Asteron from a four star rating to five stars as its funds, which are managed by Tyndall (formerly Guardian Trust Funds Management) have performed well over the past six months, leading to increases in their quantitative assessments relative to peers.

ASB went down a star as: “many funds managed previously by Sovereign are now managed by ASB, and count towards ASB's Morningstar Star Rating. These ex-Sovereign funds were second- and third quartile for performance and risk.”

In other changes, BNZ was downgraded to two stars, with AXA moving up to three-star status.

“BNZ had an issue with five multi-sector funds last year over incorrect calculation of tax. BNZ has remedied this error, has recalculated historical returns, and provided these to Morningstar.”

BNZ's downgrade, and AXA's consequent upgrade, are largely the result of these performance revisions.

Fund managers’ star ratings are derived from the dollar-weighted Morningstar Quantitative score, itself a combination of three- and five-year risk-adjusted returns, translated to reflect the fund's relative performance among a peer group of similar funds.

As such, any increase in a fund manager's overall Morningstar Star Rating reflects not only the funds' long-term performance, but also the consistency of the performance, the company says.

Fund manager

Star rating

Asteron

Five

ASB Group Investments

Four

Fidelity Life

Four

ING/ANZ

Four

AXA

Three

BT Funds

Three

Guardian Trust

Three

Sovereign

Three

The National Bank

Three

BNZ Invesment Management

Two

Tower

Two

Westpac

Two

AMP

One

« Super scheme super successSovereign takes regulation bull by the horns »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
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BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
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China Construction Bank Special - - - -
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Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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Heartland Bank - Reverse Mortgage - - - -
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HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
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Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
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Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
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Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
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SBS Bank Special - 7.24 6.85 6.65
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Westpac 8.64 7.89 7.49 7.25
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Median 8.64 7.29 7.32 6.65

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