Morningstar ‘disconcerted’ by UBS
Research house Morningstar has adopted a cautious approach to the UBS International Shares Fund suggesting that a number of changes flagged by the big funds manager are “disconcerting and point to a lack of internal confidence” in the fund’s strategy.
The Morningstar assessment points to the fact that the UBS international strategy is undergoing another review in an attempt to give it some impetus, with the latest review being carried out at the behest of UBS head of Global Equities Nicholas Melhuish, who arrived at the fund manager in October last year.
It said that as a result of Melhuish’s arrival, the fund team was now situated in London, meaning that Chicago-based portfolio manager Bruno Bertocci would no longer take an active role.
Looking over the horizon, the Morningstar analysis said it was impossible to know if the changes being made would provide a catalyst for improvement on the poor returns that had seen UBS trail the market.
The ratings house said that, as a consequence, it believed investors should stand on the sidelines and wait until UBS could demonstrate greater stability in its international equities capacity.
AUTHOR
Mike Taylor
Recommended for you
As the 1 January 2026 education deadline looms, the FAAA is predicting as many as 1,000 advisers could exit the profession, triggering a significant experience loss for the profession.
AMP has made an internal promotion to head of business development for wealth distribution, as chief executive Alexis George has said the firm is doubling down on its BDM team.
A Supreme Court of Western Australia jury has issued its verdict regarding unregistered MIS operator Chris Marco, who was on trial for 43 fraud charges, with ASIC stating the verdict ends a “sorry chapter”.
Investment Trends has revealed Australian advisers are increasingly turning to ETFs to provide portfolio diversification, while new inflows for unlisted managed accounts have seen a double-digit drop.
