Invesco makes the list in fixed interest review
InvestorWebResearch has addedInvescoto its recommended list of managers after completing its latest report into the fixed interest sector.
The report, which updates ratings for traditional Australian fixed interest managers based solely upon three year performance, also downgradedCredit Suissefrom ‘buy’ to ‘investment grade’, while downgradingPortfolio Partnersfrom ‘investment grade’ to ‘sell’.
InvestorWeb upgraded the rating for Invesco, as well asColonial First StateandVanguard, from ‘buy’ to ‘strong buy’.
InvestorWeb head of managed funds Martin Kerr says Invesco was added to its recommended list due to strong performance.
“Previously, we had rated the Invesco team and process highly, though the performance wasn’t quite there. But its performance has increased in review and we are willing to add it to our recommended list,” he says.
The InvestorWeb report says many of the top managers have managed to add sufficient value over the past three months, with many achieving this with lower levels of risk than the benchmark.
“We expect managers to have greater opportunities to add value through prudent stock selection going forward, as greater pricing inefficiencies exist in the corporate bond market,” Kerr says.
According to InvestorWeb, there are multiple sources of potential return, including yield curve position, sector allocation and security selection.
“The development of the Australian corporate bond market will ensure these opportunities for outperformance continue to expand,” he says.
As well as Invesco, InvestorWeb’s recommended list for traditional fixed interest now includesIOOF,UBS Global Asset Management,SagittaandMacquarie.
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