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Fidelity and CCS funds upgraded

Two Fid elity funds have been upgraded to AAA status following Standard & Poor&#39s review of the managed funds sector.

Fidelity&#39s MoneyBuilder global and WealthBuilder funds were both upgraded from AA status.

Capel Cure Sharp&#39s Hallmark growth portfolio fund was also upgraded to AAA status in the managed balanced sector.

The upgrades follow a mixed year for managed funds, with average returns of 18.2 per cent in the managed active sector and 6.2 per cent in the cautious managed sector.

These compare with average returns of 20.8 per cent in the active sector and 8.6 per cent in the cautious sector last year.

There were sizeable gaps between the topand bottom-performing funds.

In the managed active sector, there was a 27 per cent gap bet ween the 10th and 90th positioned funds.

Standard & Poor&#39s associate director and head of managed funds Peter Nor ton says some of the sector&#39s slower performance has been due to a shift from equity inc ome to fixed-interest funds.

He says: “Several companies have recently been switching their attention away from dividend payments to focus more on their growth potential.

“This trend, combined with a period of significant underperformance by higher-yield equities in the latter part of 1999 and early 2000, has prompted a number of managed funds, including Five Arr ows independent income and Friends Provident Man aged balanced, to red uce their reliance on equity income funds and sift a portion of their assets to fixed-interest funds.”

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