Manager Research

We provide detailed institutional-quality global investment manager research and fund ratings. Based in the UK and South Africa,
all members of our manager research team have over ten years of investment experience.

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Research Comments

Will tech change advice?
16 Sep 2019
Technology has permanently reshaped so many industries. In 2019, Amazon surpassed Walmart to become the world’s biggest retailer. Alphabet is by far the largest media company by advertising revenue. Facebook has changed the way we consume news. Uber and Lyft have altered the transport ind...
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Improving client outcomes
19 Aug 2019
We have remained quiet on the Woodford affair, mostly because our views are shared directly with clients, rather than publicly. Equally, we wanted to avoid commenting after the fact, when hindsight offers all the answers, yet it was foresight that really mattered to clients.  But, as we s...
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Iain Stewart to retire
5 Aug 2019
Clients may have read on Friday that Iain Stewart is to retire from Newton on 31st December 2019. He was the main fund manager on the Real Return strategy since launch. We downgraded the fund from Tier 1 to Tier 2 around 18 months ago, which was in part down to Iain handing over responsibility to ot...
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LGIM whistleblowing incident
29 Jul 2019
LGIM are now going through court proceedings on the whistleblowing incident that raised its head last year. We have sent them numerous follow-up emails asking for clear answers on this case, especially with the potential for reputational and other related risks that may impact our clients given...
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Marlborough Special Situations awarded Tier 2 rating
22 Jul 2019
This fund is led by a manager highly experienced in small-cap investing, and has achieved sustained alpha over a lengthy track record. We were not able to award it our top rating though due to the lack of empirical evidence that the surrounding team adds value. We also question whether an adequate a...
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Alexander Darwall to launch his own business
8 Jul 2019
It was announced last week that Alexander Darwall will be departing Jupiter on 1st October 2019 to set up his own fund management business, Devon Equity Management, pending approval from the FCA. Jupiter's share price subsequently fell by 7.4%, such is the influence of the AUM for Darwall's European...
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Keeping within the bands
8 Jul 2019
It makes sense that end savers are invested in products that align well with their risk profile and knowledge of investing. A risk profile is perhaps the single-biggest determinant of any advised client’s long-term returns because it generally maps to a long-term asset allocation. We also...
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Five stars for sale: the grubby relationship between fund managers and rating agencies
2 Jul 2019
Jonathan Jones highlights the inherent conflict of interest that exists in a business model where the fund manager pays for the privilege of having its strategy rated by a research firm. Naturally, asset management firms will not want to pay for a negative portrayal of their fund, so there is a risk...
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Woodford and co-investment
2 Jul 2019
When we speak to fund managers, we often ask them whether they have their own money invested in the strategies they run. This, we think, creates a good alignment of interest with the end client. But managers who run their own business or strategies of substantial size sometimes claim that they don&r...
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The Woodford contagion and Invesco
2 Jul 2019
Before reading this, please note that Fundhouse rated Invesco High Income negatively in May 2018. We have not recommended the fund to clients for some time, so our comments are purely for your information. At Fundhouse, we do evaluate fund liquidity and run screens that are quite instructive. We co...
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