Equities  

Morningstar rates Wilmot’s Higher Income fund ‘neutral’

Morningstar OBSR has rated Richard Wilmot’s £2.1bn Newton Higher Income fund as ‘neutral’ following his takeover of the product from Tineke Frikkee.

Mr Wilmot has overhauled the fund and reduced its income target over the course of this year after taking over from Ms Frikkee in December.

But fund ratings agency Morningstar OBSR said the fact the fund was his first income mandate, combined with the “sizable asset base” for which he is now responsible, meant the fund was only rated ‘neutral’.

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This compares with the ‘bronze’ rating previously given to the fund under Ms Frikkee.

Since the start of 2013 the Newton fund has gained 13.8 per cent according to FE Analytics, lagging both the FTSE All Share index and the IMA UK Equity Income sector average.