Overall, peer group ratings remained stable with just two rating changes. 

There were 15 headline funds reviewed, which included benchmark-aware and benchmark-unaware funds, together with one index strategy. S&P upgraded two funds managed by BT Investment Management Ltd., to five stars. These are the only five-star offerings in the peer group and the first five-star ratings awarded in this sector in over five years. 

“This reflects our very high conviction in the capabilities of the team and the effectiveness of its A-REIT investment approach, which has proven consistently successful through a variety of markets, and importantly, we expect this to continue,” said Peter Ward, analyst at S&P Fund Services.

“Manager and fund quality across the peer group remains high, as indicated by the number of four-star ratings, although four of the seven four-star rated headline funds are managed by SG Hiscock and Company, another high quality manager,” he added.

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