Investec fund downgraded

albert morillo's european portfolio marked down after two years of underperformance

The Albert Morillo-managed Investec European fund has been downgraded to AA by Standard & Poor's following two years of underperformance. The strong long-term track record of Morillo and his team has been severely affected by a second year of relative underperformance resulting in third-quartile three-year returns, the ratings agency noted. James Tew, director of fund research at Standard & Poor's said: "The fact that the fund lagged in the down market phase of the second half of 2002 and the bull market conditions of 2003 as a result of stock selection is cause for concern, implying some...