Following the Morningstar OBSR Analyst Ratings Meeting on 12th June 2014, we have moved the First State Global Property Securities fund to a Morningstar OBSR Analyst Rating™ of Neutral. The fund was previously Under Review following a change in management. Andrew Nicholas relinquished the management of this fund to Stephen Hayes in August 2012. Mr Hayes is an experienced manager and his association with First State dates back to 1999 when he joined to establish the firm’s global property securities business. He subsequently worked to develop the business over the next seven years, before leaving First State in 2006. Since his return, there have been new hires and turnover within the team, and Mr Hayes has been enhancing the team’s stock models, resulting in a newly assembled, geographically separated unit. Given these changes we would like to see the team settle down as a cohesive unit and we believe a Neutral rating to be appropriate at the current time.
See the latest Morningstar OBSR fund rating news here.
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