Investec and Fidelity funds downgraded by S&P

S&P has downgraded a fund run by Investec's Alastair Mundy and Fidelity's multi-manager range in a re...

S&P has downgraded a fund run by Investec’s Alastair Mundy and Fidelity’s multi-manager range in a review of asset allocation vehicles. Investec Managed Distribution fund and Fidelity’s MultiManager Distribution, Growth and Income funds slipped from an A-rating to non-rated. Glenn Meyer lead analyst at S&P said he reluctantly downgraded Mundy’s vehicle on the back of a rocky recent track record on this fund. “We continue to think he is a very good fund manager and he has a long-term record of contrarian investing. We have maintained the rating on his other funds but this one slipped du...