We have published a new Morningstar Qualitative Rating and Research Report for AXA Framlington Japan.
"On May 11, the firm announced that Anja Balfour--who had managed the fund since September 2004--had resigned and, going forward, the fund would be managed by Chisako Hardie, who for the last couple of years had been comanager alongside Balfour. Our view of Balfour’s experience and knowledge was positive and her loss is a disappointment. Under her stewardship the fund lagged the Morningstar Japan Equity Large-Cap category by 1 percentage points annualised. Not surprisingly given the punchy nature of the portfolio, the returns pattern was at times distinctly at odds with peers, underperforming in 2005, 2007, and particularly so last year, whilst performing solidly in 2006 and holding up reasonably well during the midst of the global turmoil of 2008."
The full four-page PDF report can be accessed here. It is free to users of morningstar.co.uk.
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