GAM Japan fund downgraded after management change
Swiss manager’s Star Japan Equity fund rerated following lead manager change.
Morningstar/OBSR has downgraded GAM’s £183.2m Star Japan Equity fund following the departure of manager Lesley Kaye.
The fund rating company has switched the fund’s rating from silver to bronze, but said it remains “comfortable” with the management change.
Ms Kaye stepped back from her lead manager role in January, with co-manager Ben Williams taking over as sole manager. She remains a part of the Gam Pacific equity team.
The fund is bottom quartile in the IMA Japan sector over five years to May 30 having posted a loss of 29.8 per cent.