We have downgraded the Parvest Opportunities USA fund to a
Morningstar Analyst Rating™ of Negative. The fund previously held a Bronze rating. Notwithstanding manager François Mouté’s lengthy experience, our conviction has been substantially diminished by the excessive risks implied by his approach. The manager’s heavy bias toward basic materials, particularly gold-related stocks, and limited exposure to the market (the fund hedges 10%-40% of its equity exposure through the sale of S&P 500 futures) had been initially positive for investors, but have proved disastrous over the past three years. We are disappointed that the manager has been unable to sufficiently adjust the fund’s profile to cope with evolving market conditions. At the same time, the fund’s volatility has increased dramatically, such that we are no longer convinced this fund is an acceptable proposition within its category.
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