We have downgraded the Morningstar Analyst Rating™ awarded to BlackRock World Mining (BRWM) to Silver from Gold. We continue to hold the management team in very high regard and believe they are standouts in their specialism. However, the collapse of London Mining has significant implications—both in terms of capital loss but also on future income. The board has made clear their commitment to the fund’s income level, but the loss of projected income from the royalty agreement with London Mining is a negative. While there are many positives at this fund, we feel that a Silver rating is now a better reflection of our conviction.
Find out more about how Morningstar analysts rate funds and investment trusts here.
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