Zenith makes changes to approved product list
As part of its 2012 global long/short equity sector review, Zenith Investment Partners has awarded three funds a highly recommended rating, 14 recommended and one approved.
Of the 18 funds that were rated, all were considered to be 'variable' long/short strategies as a result of their ability to vary their market exposure ranges, the research house stated.
Added to the approved product list was the KIS Asia Long Short Fund and the Pengana Global Resources Fund, while the Pengana Asian Equities Fund was removed.
Zenith stated that its conviction in the strategy had reduced, given a number of changes in the Asia long/short team, "coupled with some fairly material and persistent underperformance for the fund".
Funds that had their ratings upgraded were the Platinum Asia Fund (highly recommended) and the Platinum International Health Care Fund.
According to Zenith, the Asia Fund's lead portfolio manager, Andrew Clifford, is a truly contrarian investor, and while this can lead to short term underperformance, the team has the ability to generate significant returns from finding positions that are not recognised by the market.
Of the remaining ratings changes, Zenith downgraded the K2 Asian Absolute Return Fund and the Premium China Fund to recommended, and the PM Capital Absolute Performance Fund to approved.
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