Cramp sees fund ratings downgraded
Paul Cramp has lost the AA ratings on his Threadneedle UK Mid 250 and UK Smaller Companies Growth fu...
Paul Cramp has lost the AA ratings on his Threadneedle UK Mid 250 and UK Smaller Companies Growth funds, with both dropping to single A.
In its latest review of the UK Growth sector, covering onshore and offshore funds, Standard & Poor's (S&P) said Cramp had not achieved the same degree of success at Threadneedle as seen earlier in his career.
James Tew, director of fund research at the agency, said: "Admittedly, the market has not been conducive to his growth style of management but relative returns have been trending down for well over two years, causing the fund to slip below the relative performance level typically required to support AA-rated status."
Other funds to suffer rating decreases include Jupiter Growth & Income, Investec UK Opportunities and Scottish Widows UK Select Growth.
On the more positive side, portfolios seeing upgrades include Schroder UK Enterprise, Invesco Perpetual UK Aggressive and Standard Life Investments UK Equity Growth.
Of the 81 UK Growth funds covered by S&P research, eight were rated AAA, 31 AA, 39 A and three Not Rated. S&P said the key to outperformance of UK Growth funds over the past year has been stock selection among quality companies.
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