Five Invesco bond funds have seen their ratings either downgraded or suspended on the news of Paul Causer and Paul Read’s planned retirement from the fixed income team, according to the latest Square Mile Investment Consulting and Research Academy of Funds.
Invesco's Corporate Bond and Sterling Bond funds were both downgraded from AAA to A, while its Monthly Income Plus offering dropped from Plus AA to A, which Square Mile refrained from suspending as its conviction is "based on the credit selection capability of the analyst team". Causer and Read retirement: 'Two Pauls synonymous with the fixed interest capability at Invesco' It also cited comfort with manager Michael Matthews, who has managed the Corporate and Sterling Bond funds since 2013 and 2006 respectively. However, the research house suspended its ratings on the Tactical Bond...
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