OBSR has cut its rating on the £1bn Jupiter financial opportunities fund managed by Philip Gibbs to AA due to co-manager Guy de Blonay’s “increasing influence on the product”.
OBSR says the fund, which invests in financials sector equities, lost its AAA rating following a meeting on October 14.
Jupiter hired bottom-up star De Blonay from Henderson in January. He became co-manager of the opportunities fund on June 1 alongside top-down star Gibbs, who has run the fund since 1997. Performance has suffered in recent months and in August, De Blonay said managers had underestimated the impact of Government stimulus measures.
An OBSR statement says: “We believe an AA rating is at this stage a more appropriate reflection of our comfort in the long-term risk-reward profile that we expect De Blonay to deliver.”
From launch in June 1997 to June 30 this year, the fund has delivered an industry-leading 732.6 per cent return against 33.8 per cent from its benchmark index.