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Square Mile downgrades trio of Richard Woolnough funds


Square Mile downgrades trio of Richard Woolnough funds
M&G Optimal Income, Corporate Bond and Strategic Corporate Bond funds downgraded to an A rating after consistent underperformance
Square Mile has downgraded a trio of funds, worth over £7bn, run by M&G’s Richard Woolnough, alongside a £264m Legg Mason global bond fund, from AA to A in its latest ratings round-up.
Woolnough’s £2.2bn Optimal Income, £3.1bn Corporate Bond and £2.1bn Strategic Corporate Bond vehicles have all been demoted in the rankings due to “continued underperformance”.
Despite being billed as “flexible, all-weather fixed income strategies” that can outperform no matter the economic cycle, Square Mile said Woolnough’s duration positioning “has become something of a structural position” creating an “unintended bias reducing the flexibility of the funds to adapt to evolving market conditions”. ....

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Merian acquisition sends Jupiter to the dog house with £4.1bn of underperforming funds


Merian acquisition sends Jupiter to the dog house with £4.1bn of underperforming funds
Tight race for runner up in Bestinvest’s Spot the Dog report with SJP and Schroders also sporting £4bn of dog funds
Jupiter has landed in the dog house thanks to its recent acquisition of rival Merian Global Investors which saw its level of underperforming assets more than double to £4.1bn in Bestinvest’s latest edition of Spot the Dog.
The twice-yearly report from Bestinvest revealed £49.6bn worth of savings were tied up in 119 dog funds, those that have underperformed the market more than 5% after fees over three years.  ....

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