Tyndall rewarded with fund upgrade
Tyndall Investment Managementhas been rewarded for adhering to its deep value style, with research house Assirt today upgrading the manager’s Australian share products from three to four stars.
The upgrade came after a review of the fund manager byAssirtfound its Australian equities capabilities to be “strong”.
Assirt’s endorsement follows a reassessment by Tyndall of its investment process, which resulted in improvements to its portfolio construction technique, without affecting its strong value bias.
Tyndall was one of the worst effected value managers during the market's growth bias in the years leading up to early 2000, leaving many at the time to question its deep value position.
But Tyndall’s period of underperformance was considered not only a result of its strong value bias, but also of shortcomings in its portfolio construction process.
“To its credit, Tyndall reviewed its investment process following a period of underperformance…and recent refinements to [its] process should see performance improve,” Assirt says.
Assirt says the enhancements made to Tyndall’s investment process have made the manager more likely to outperform in all market condition.
“Along with some value managers, Tyndall’s stock selection capability has delivered exceptional returns over the past 12 months. We don’t expect this level of outperformance to persist, however we are confident that given Tyndall’s refined approach to risk management and portfolio construction, Tyndall will continue to outperform,” Assirt says.
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