Following Hermes’ announcement that Robert Anstey is leaving the firm and is therefore relinquishing his role as lead fund manager of the Hermes US SMID Equity fund, we have placed the fund’s
Morningstar OBSR Analyst Rating™ Under Review. The fund previously held a Bronze rating. Mr Anstey had managed the firm’s US small- and mid-cap strategy for 12 years, initially as an institutional mandate and since last year as a retail fund. The new lead manager is Mark Sherlock who had been co-manager on the fund since joining Hermes in 2009. We expect Mr Sherlock to run the fund in the same manner as his predecessor and he continues to have the support of two dedicated US equity analysts based alongside the manager in London. However, we feel Mr Anstey’s departure warrants caution, given his long track record as lead manager of the fund. We will meet with the manager shortly to discuss the impact of this change.
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