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Investec American fund downgraded following Mundy appointment

Alastair Mundy small

Morningstar has downgraded the £214m Investec American fund following a change in fund manager.

Thornburg Investment Management, who had been the sub-investment manager since September 2002, ceased management of the fund in August. It is now managed by Investec managers Alastair Mundy and Mark Wynn-Jones. Mundy also runs the £692m Investec UK Special Situations fund.

The fund was previously under review due to a change in management and process.

Morningstar says that while it acknowledges that the news managers have experience applying the same approach across a number of manadates, they do not have a proven track record in a US-specific portfolio.

Following Mundy’s takeover of the fund, he is moved the portfolio to reflect his special situations strategy. This involved increasing exposure to healthcare and reducing the fund’s weighting to technology.


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