Square Mile Investment Consulting and Research (Square Mile) has removed the Jupiter European Special Situations and JGF Jupiter European Opportunities funds from its Academy of Funds – the firm's showcase of recommended and rated vehicles – following a series of 70 meetings with 33 asset managers during May.
The move comes after the funds' manager Cedric de Fonclare departed Jupiter Asset Management at the end of May. Mark Nichols and Mark Heslop have assumed responsibility for the two funds.
However, Square Mile said it was appropriate to remove the ratings as they took "a different approach to investing in this region".
Elsewhere, the AXA Framlington UK Select Opportunities fund was upgraded to an A rating. It had previously been awarded a Positive Prospect rating in early 2019 when Chris St John started running the fund.
While his experience and long-term track record running UK mid and small cap equity strategies was acknowledged at the time Square Mile said it had now boosted the rating as it had monitored his progress and success over time.
The Vanguard SRI Global Stock fund retailed its Responsible Recommended rating after a number of changes were to be implemented.
These included that its name will change to Vanguard ESG Developed World All Cap Equity Index; its benchmark will now be the FTSE Developed All Cap ex Controversies/Non-Renewable Energy/Vice Products/Weapons index (previously the FTSE Developed index) and it will now seek to fully replicate this new index (it previously adopted an optimised approach).
The Baillie Gifford Global Alpha Growth fund retained its AA rating, Square Mile confirmed. It said it had reviewed the fund on the news of the retirement of Charles Plowden, joint senior partner, and one of the fund's three portfolio managers. He will leave the firm on 30 April 2021.
A succession plan is in place and Plowden will continue to co-manage for the next year. Square Mile said it retained its current rating and it would monitor the transition.
Analysts at Square Mile conducted 70 interviews with investment professionals from 33 asset management groups over the course of May 2020.