Russell loses both AAA ratings in S&P's latest UK review

Several other top funds suffer downgrades, including Martin Currie UK Growth, Lazard UK Alpha and UK Omega and Rathbone Special Sits

Cazenove's Tim Russell has lost both his AAA ratings from S&P, with his UK Growth & Income and UK Equity funds continuing to struggle. The ratings agency has cut the vehicles to AA and said both have produced consistently disappointing returns since 2004. In response, Cazenove's director of fund management Richard Pursglove said the Growth & Income fund has suffered as Russell was prematurely cautious and has also been underweight miners. He stressed the fund is a diversified large- and mid-cap offering, and believes the current defensive portfolio is well placed to benefit from a broad ...