Super 60: two funds and one investment trust under review
interactive investor shares an update on three investments within its rated list.
19th September 2023 15:04
by Jemma Jackson from interactive investor
Interactive investor, the UK’s second-largest investment platform for private investors, has placed GAM Star Credit Opportunities, Janus Henderson European Selected Opportunities Fundand Murray International investment trust under formal review, with the latter two triggered by fund manager retirement announcements.
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The reviews have been made in partnership with Morningstar, within a framework of collaboration andmutual challenge. ii ensures Morningstar follow ii’s processes and in-house methodology.
GAM Star Credit Opportunities
Dzmitry Lipski, Head of Funds Research, interactive investor, says: “In light of the uncertainty surrounding the latest developments with regard to the future of GAM, we are placing the GAM Star Credit Opps (GBP) Instl GBP Acc fund Under Review. The proposed sale of GAM to Liontrust fell through and as a result the board of directors has been ousted, while a plan has emerged, championed by a group of activist investors, to restore GAM to profitability through cost-cutting and other measures.
“This fund is sub-advised by third-party manager Atlanti and distributed by GAM and its management has therefore been insulated from the GAM-level turmoil so far, however we are taking a prudent approach in putting the fund under review and will revise this view as we gain more clarity on this evolving situation.”
Janus Henderson European Selected Opportunities Fund
Dzmitry Lipski, Head of Funds Research, interactive investor, says: “Janus Henderson announced that John Bennett, lead manager on the Continental European, European Focus, and European Selected Opportunities strategies, would be retiring at the end of August 2024. Bennett has been with Janus Henderson for 12 years of his 43-year career. He was named portfolio manager in 2010 and will continue to work with the team over the next 12 months to ensure a smooth transition.
“His replacements will be Tom O'Hara and Tom Lemaigre, who have worked closely with Bennett for five years. O'Hara was named a co-manager in 2020, and Lemaigre in 2022. As a result of this announcement, we have placed the Janus Henderson European Select Opps I Acc fund under review while we evaluate the change to the investment team.”
Murray International Trust
Dzmitry Lipski, Head of Funds Research, interactive investor, says: “Bruce Stout has announced that he will retire from the management of Murray International Ord (LSE:MYI) in June 2024, with his two co-managers Samantha Fitzpatrick and Martin Connaghan taking control. Connaghan and Fitzpatrick became co-managers in 2017 and 2019 respectively and the aim is for the investment process to remain unchanged. Despite this, we view the upcoming departure of Stout as a loss. He has managed the trust since 2004 and in our view is key to the contrarian, value-based process and decision-making on the trust.
“Although we do not see significant change to the portfolio in the short term, with Stout remaining in place until June 2024 and the trust having a low turnover style, we have placed the trust under review while we evaluate the change to the investment team.”
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