Principal’s latest fund ratings see Toby Thompson’s New Star higher income fund put on its black list of underperforming funds.
Standard Life UK equity high income manager Karen Robertson makes her debut on the white list of top performers while Rathbone income manager Carl Stick slips into the middle-ranking grey list for the first time.
Principal issues its influential report twice yearly. Thompson’s fund makes the list for the first time, having built up a five-year record. Principal says it has consistently underperformed and Thompson “has been unable to deliver on the reputation he previously earned running Newton higher income”.
Chelsea Financial Services managing director Darius McDermott says: “Toby is a good manager but has a strong view on banks and it has hurt him. Carl Stick is an excellent stockpicker who we will always rate.”
Neil Woodford’s Invesco Perpetual high income fund tops the list, followed by Artemis income. HSBC income and growth, M&G income and JPM UK equity income make the black list for fourth-quartile returns over one, three and five years.