Morningstar analysts have downgraded the BlackRock Global Funds World Mining fund to Silver from Gold. The fund's co-manager, Catherine Raw, will relinquish her responsibilities at the end of April and will be replaced by Olivia Markham, who will work alongside current co-manager and team head Evy Hambro.
While we acknowledge the breadth and expertise of the team under the continued leadership of experienced Hambro, we believe Raw's departure will be a significant loss to the team given her intimate involvement in the daily running of the fund and exceptional research support. This impending change in the management team coupled with the deteriorating risk/return profile of the fund has slightly lessened our overall conviction.
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