The fund is rated in the S&P Global Fixed Interest peer group, given its investment opportunity set and relevant performance benchmark. The management of this strategy was previously outsourced to BlackRock Investment Management and rated three stars. 

Under the former BlackRock management, the offering differed considerably in both management style and product features. From a product perspective, the key difference was the index used to benchmark the BlackRock fund, which was the Barclays Global Aggregate Index. BTIM’s offering uses a government only bond index. Investors should be aware of this change and seek financial advice regarding the risk and return implications for their fixed-income allocation. 

“This rating comes off the back of the four-star rating assigned to BTIM’s Australian fixed interest offering in February. While the products differ significantly, the same positive view that we have toward the income and fixed interest boutique flows through to the rating outcome for this strategy,” said S&P fund analyst David Erdonmez.

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