Following OBSR's suspension and subsequent removal of the Fidelity European fund's rating, we've removed the Scottish Equitable Fidelity European fund from our Guidance Range. However, in OBSR's opinion the fund continues to offer what it always has in terms of exposure and process, and therefore it remains fully appropriate for it to stay within the Full Fund range.
OBSR Comment
Here's what OBSR had to say about the fund:
'Following the OBSR Fund Ratings Meeting on 10th December 2009, we have removed the Fidelity European fund from the Ratings Service. The fund previously held an OBSR AA Rating, which was suspended when Fidelity announced that Tim McCarron was taking time away from the industry. The management of the fund has passed to Sam Morse who officially took over in January 2010. We have met Mr. Morse, who is an experienced fund manager, having run UK equity mandates for the past 15 years. However, he is new to the competitive European peer group and will be gradually positioning the fund to reflect his own style, which we believe seems promising but is still too early to be certain in our view. With this in mind, we have decided to remove the fund's Rating but we will continue to meet Mr. Morse regularly to monitor the fund's progress.'
OBSR doesn't currently feel a replacement within the Guidance Range is warranted as there is already good coverage of the sector within the Guidance Range which currently includes the following funds:
- Scottish Equitable JPMorgan New Europe
- Scottish Equitable BGI European Equity Index
- Scottish Equitable Cazenove European
- Scottish Equitable Gartmore European Selected Opportunities
- Scottish Equitable JPMorgan Europe Dynamic
- Scottish Equitable Fidelity European Opportunities
- Scottish Equitable Lazard European Alpha
- Scottish Equitable JPMorgan Euro Smaller Companies
- Scottish Equitable Jupiter European Special Situations
- Continental Europe Tracker
- European Equity Select Portfolio