Claire Griffiths’ Invesco GT European Smaller Companies unit trust has been downgraded by Standard & Poor’s Fund Services from AAA to AA amid concern over its ‘two years of underperformance’.
S&P’s says, despite its ‘high regard for the manager’, the underperformance against its peer group and loss of an experienced team member has led it to downgrade the (INVESCO GT European Small Cos).
Kieran Gallagher’s (Newton Continental European ) fund has also been downgraded from AAA to AA amid dull performance while the (Baring European Growth) and (Fidelity European Opps) funds have been downgraded from AA to A.
The M&G European Blue Chip fund, which was AAA-rated as the M&G European Dividend fund, is no longer rated at all as its mandate has changed to European large-caps and the new manager Phil Doel has insufficient experience to support a rating.
The (Perpetual European Growth Acc) fund, formerly AA-rated, is now unrated following the resignation of Margaret Roddan.
Meanwhile (Henderson European Cap Gth A) has been upgraded from AA to AAA on the back of John Botham’s performance and the strength of Henderson’s team and process. The (Norwich European Equity) fund was upgraded from A to AA.