We have downgraded Carmignac Patrimoine to a Morningstar Analyst Rating™of Bronze from its previous level of Silver. We are concerned by the number of departures among the team’s equity managers (Emerging Markets, Commodities, Europe) over the past 18 months. Although the fund remains comanaged by the very experienced Edouard Carmignac and Rose Ouahba, those departures have weighed down on our view of the firm’s investment culture. Furthermore, the fund continues to be negatively affected by its higher-than-peers costs. While risk-adjusted performance has been disappointing over the three and five years ended May 2015, we still believe in this largely top-down-driven approach’s merits over the long term. Although it is weaker than in the past, our positive conviction is supported by the experience of the fund’s managers and their consistent and distinctive investment strategy.
See the latest Morningstar fund rating news here.
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