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 |
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