Morningstar has announced the downgrading of the Newton Multi-Asset Balanced fund to a ‘Bronze’ from a ‘Silver’ rating, according to its Analyst Rating methodology.
The change follows changes to the way the fund has been managed. Previously it was overseen by a single portfolio manager – Iain Stewart – from January 2005 to February 2013. Morningstar said that the addition of co-manager Matthew Brown has caused its conviction on the fund to wane “as a result of Stewart’s diminishing involvement.”
However, the fund ratings service provider added: “Morningstar still believes the fund has merit.”