Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. These characteristics include strong performance versus a fund’s underlying market, as well as attractive risk behaviour which we think suggests they could continue to be premium options for investors looking for active exposure. Our ratings are purely quantitative, meaning the largest asset managers and boutiques are treated alike, and no commercial interests can interfere. In fact, only 56% of the trust’s winning ratings this year are clients of ours, down from 59% last year. This year’s winners of the ratings are presented below, along with a discussion of how last year’s rated trusts performed.
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