European  

Morningstar reinstates Threadneedle high yield rating

Fund rating agency Morningstar OBSR has reinstated a ‘bronze’ rating for Threadneedle’s £819.2m European High Yield Bond fund following Michael Poole’s appointment as lead manager.

Morningstar OBSR removed the fund’s ‘bronze’ rating earlier this year when head of high yield Barrie Whitman stepped back from his role as co-manager to become deputy manager of the fund.

The rating agency said: “In our opinion, Mr Poole is a knowledgeable high yield manager who benefits from the team’s experience and comprehensive investment process and a ‘bronze’ rating is now appropriate for the fund.”

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In three years to October 3 the European High Yield Bond fund has gained 18.4 per cent, but underperformed its Merrill Lynch European Currency High Yield Constrained index benchmark, according to FE Analytics.