New funds, new top ratings

Study

An impressive 135 portfolios were rated for the first time by the Berlin rating agency Scope, 40 percent of which received a top rating straight away. The rating agency’s analysts were also impressed by many funds with a longer rating history, such as a bond heavyweight from Pimco and an infrastructure stock fund from DWS.

After more than five years, the PIMCO GIS Global Bond has again received an (A) rating in the peer group “Bonds Global Currencies”. Fund manager Andre Balls and his co-managers have particularly benefited from the high flexibility of the approach, which they have implemented profitably. In addition to government bonds and quasi-government paper, higher-yielding investments such as securitisations, emerging market and corporate bonds are also included. Despite high running costs of 1.39% p.a., the fund was able to outperform the peer group over all periods under review. At 2.0% and 3.8% p.a. over three and five years, it was well ahead of the peer group average of 0.1% and 1.3% p.a. At the same time, the maximum loss and the volatility of the fund increased over five years the percentages -6.9% and 6.6% versus -6.5% and 4.6% in the peer group.

The fund for global infrastructure stocks DWS Invest Global Infrastructure receives the top rating (A) for the first time. This result is based in particular on the very good performance in a peer group comparison. The portfolio is divided into shares in infrastructure companies from the four areas of transport, energy, water and communication. In terms of sectors, the portfolio is dominated by utilities with 40.4% and energy companies with 23.1%. Over three and five years, the fund was able to convince with growth of 10.8% and 9.5% p.a. compared to the peer group “Aktien Infrastructure” with 6.7% and 6.5% p.a. The key risk figures, on the other hand, were mixed. The five-year volatility was 13.8%, above the peer group average of 12.6%, but the maximum loss was lower at -18.5% compared to -20.7%.

After more than three years with a top rating, the fund for investment grade corporate bonds MS INVF Euro Corporate Bond is currently only in the middle of its peer group with a (C) rating. In particular, the short-term performance weakness of the fund, which was -11.1% behind the peer group at -10.2% over the year, led to the downgrade. Over three and five years, the performance of -2.6% and -0.6% p.a. is still slightly above the peer group average of -2.7% and -0.7% p.a. It lost due to the fund’s overall increased risk profile more than its peer group in the current downturn. Over five years, the fund’s maximum loss and volatility were -13.7% and -6.1%, respectively, while the peer group averaged -12.4% and 5.4%.

In July, almost all fund peer groups benefited from the market recovery. Of the 50 largest peer groups, 48 ​​were up. The exceptions were last month’s gainers, China equity funds and China A-share funds, falling -6.2% and -4.4% respectively. The weak China performance also had an impact on the peer group equities Asia ex Japan, which was only slightly up 0.4%. Investors in North American stocks, on the other hand, were pleased about double-digit monthly gains: Here, the peer groups North American stocks mid/small caps and North American stocks gained 12.5% ​​and 10.8%, respectively. The peer groups Equities Ecology with 12.5%, Equities Technology with 12.4% and Equities World Mid/Small Caps with 10.0% also developed excellently.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.