Following the Morningstar OBSR Analyst Ratings Meeting on 11th July 2013, we have downgraded the BlackRock Global Funds US Basic Value fund to a Morningstar OBSR Analyst Rating™ of Neutral. The fund was previously Under Review following the announcement that the former manager Kevin Rendino had relinquished the management of this fund. The fund is now managed by Bart Geer who joined the firm in 2012 from Putnam Investments. While we acknowledge that Mr Geer is a capable investor and changes made to the investment process have the potential to translate into long-term outperformance, we believe it is an early stage to reinstate a positive Rating. A Neutral Rating is a more suitable reflection of our conviction in the strategy at the current time.
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