Following the Morningstar Analyst Ratings Meeting on 23rd January 2015, we have moved the BlackRock Latin American Investment Trust (BRLA) to a Morningstar Analyst Rating™ of Neutral. The trust was previously rated Bronze. There has been some change in the team supporting this strategy over recent years, with the departure of the experienced Dhiren Shah being the latest. The remaining team members have not been together for a significant period of time, with analysts joining in mid-2012 and 2013. Performance versus peers has been uninspiring in recent calendar years and although there was an improvement in 2014, we need to see further evidence of success to build confidence in the team’s abilities.
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