AMP Capital core property fund wins S&P four stars
Standard & Poor's fund services has rated AMP Capital's Core Property Fund (ACPF) four stars after its rating was withdrawn and the fund placed on hold in March.
The decision to place the fund on hold came after AMP Capital pulled out of the joint venture, with AMP Capital Brookfield to manage its listed real estate capability in-house.
S&P said that although AMP Capital's listed property and listed infrastructure strategies were most affected, ACPF's 25 per cent weighting to AMP Capital's global listed property strategy meant it was also affected.
S&P said its overall level of conviction in AMP Capital's global listed real estate capability had reduced, affecting the rating.
However, S&P said the fund was an attractive offer and well managed by fund manager Damien Fitzpatrick and assistant fund manager Adam Moodey.
"Both have an extensive understanding and appropriate level of expertise in regard to both the fund and direct real estate markets more generally," S&P said.
Despite S&P's reduction in overall conviction, it applauded the fund's strong investment capability, high quality direct property portfolio, conservative gearing, and sustainable distribution policy - both at the headline and underlying portfolio level.
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