Following the Morningstar OBSR Analyst Ratings Meeting on 15th November 2013, we have moved the Invesco Perpetual Distribution fund to a Morningstar OBSR Analyst Rating™ of Bronze. The fund was previously Under Review following the announcement in October that Neil Woodford is leaving Invesco and had relinquished responsibility for managing the equity portion of this fund, with immediate effect. Paul Read and Paul Causer continue to have overall responsibility for the fund and appointed Ciaran Mallon to run the equity portion, which may be up to 40% of the total portfolio. Mr Mallon is an established member of the UK equity team and has managed the Invesco Perpetual Income & Growth fund and the Invesco Income Growth Trust for a number of years. While we retain high conviction in Messrs Read and Causer, co-heads of the fixed income team, and their established process, we believe a Bronze Rating is appropriate at present given the departure of Mr Woodford.
See the latest Morningstar OBSR fund rating news here.
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