Fundsmith
retains
its
top
fund
manager
in
Europe
position,
according
to
new
research
from
Morningstar.
In
the
latest
iteration
of
Morningstar’s annual
Fund
Family
100
report,
a
comparison
of
the
largest
fund
families
in
Europe,
our
analysts
rank
the
top
companies
for
various
categories,
including
the
most
highly-rated
funds,
the
highest
sustainability
rating,
and
manager
tenure.
The
list
uses
assets
under
management
of
the
fund
companies’
open-ended
funds
and
exchange-traded
funds
(ETFs)
for
sale
across
the
continent
to
determine
the
biggest
100.
Analysts
then
evaluated
them
on
a
range
of
criteria,
including
the
metrics
already
used
to
determining
Morningstar’s
Medalist
Ratings.
The
report
then
highlights
the
top
fund
house
within
the
biggest
five,
the
one
with
the
most
Morningstar
Medalist
share
classes,
top-ranking
firms
for
manager
tenure,
and
best
sustainability
ratings.
This
is
the
first
iteration
of
the
Fund
Family
100
report
using
the
Morningstar
Medalist
Rating,
which
we
introduced
in
May
this
year
to
unify
the
Analyst
and
Quant
rated
funds.
Companies
with
the
Highest
Rated
Funds
Fundsmith
retains
top
spot
for
top-ranking
firms
for
Medalist
shares.
According
to
Thomas
De
fauw,
manager
research
analyst
at
Morningstar
and
author
of
the
report,
the
fund
house
is
as
an
example
of
an
investment
boutique
that
is
well-placed
for
investment
excellence.
Additionally,
the
group
has
just
two
strategies
which
follow
the
same
investment
philosophy
and
process,
and
key
personnel
are
heavily
invested
in
the
funds
they
run,
making
them
well-aligned
with
investors’
interests.
Next,
the
list
names
Storebrand
Fonder,
Vanguard,
Ruffer
and
FSSA
Investments
to
complete
the
top
five
under
this
metric.
Among
the
20
firms
with
the
highest
percentage
of
Morningstar
Medalist
share
classes,
13
receive
a
Parent
Pillar
rating
of
Above
Average
or
High,
according
to
Morningstar’s
Medalist
Rating.
The
maximum
rating
of
High
has
been
awarded
to
Vanguard,
T.
Rowe
Price,
Wellington
Management,
Dimensional,
MFS,
and
Degroof
Petercam.
The
Biggest
Fund
Houses
Within
the
five
largest
fund
families,
BlackRock
is
the
biggest,
whereby
iShares
still
has
the
most
assets
under
management.
Together,
the
group
manages
over
€1.2
trillion
(£1
trillion)
and
earns
an
Above
Average
Parent
rating.
Next
is
UBS,
which
following
the
acquisition
of
Credit
Suisse
in
March
2023
surpassed
its
French
rival
Amundi,
now
third
by
size.
Amundi
has
47%
of
its
assets
in
passive
strategies,
owing
to
the
takeover
of
Lyxor
in
2022.
Vanguard
completes
the
top
five
and
also
ranks
favourably
in
terms
of
average
fee
levels
alongside
large
ETF
providers
like
iShares.
Best
Sustainability
Offerings
ASR
tops
the
ranking
for
firms
with
the
highest
percentage
of
funds
with
4
and
5
aGlobes,
as
measured
by
the
Morningstar
Sustainability
Rating,
or
“Globe
Rating”.
This
ranking
is
a
quantitative
measure
analysing
the
portfolio
of
a
fund
relative
to
its
peer
group,
meaning
the
funds
earning
5
Globes
rank
in
the
top
10%
of
their
group,
and
funds
earning
4
Globes
rank
in
the
next
22.5%
of
the
distribution.
In
the
top
20
for
sustainability
ratings
there
are
five
positively-rated
parents:
Comgest,
Ruffer,
Storebrand
Fonder,
Thesis,
and
Kempen.
Also
in
the
list
is
BNP
Paribas,
which
earns
an
ESG
Commitment
Level
of
Advanced.
When
looking
at
the
top
firms
by
percentage
of
EU
SFDR
Article
8
or
9
funds,
there
are
three
asset
managers
that
receive
an
ESG
Commitment
Level
of
Advanced
(AllianceBernstein
and
Wellington
Management)
or
Leader
(Robeco).
That
said,
it
is
Storebrand
Fonder
and
Länsförsäkringar
that
are
joint
top
at
100%,
with
Robeco
in
third.
Top
Firms
for
Manager
Tenure
Finally,
MFS
leads
the
list
for
portfolio
manager
tenure,
a
measure
of
management
team
stability.
When
coupled
with
a
high
level
of
transparency
(defined
by
disclosure
rates
of
funds’
management
teams
above
95%),
MFS,
earns
an
analyst-driven
Parent
Pillar
rating
of
High
(upgraded
from
Above
Average
in
June
2023).
DNB,
Storebrand
Fonder,
Swisscanto,
Ninety
One,
Comgest,
Neuberger
Berman,
and
Artemis
also
score
highly
for
stability,
and
strong
disclosure
levels.
De
fauw
comments:
“it’s
positive
to
see
that,
among
the
firms
with
the
highest
percentage
of
Morningstar
Medalist
share
classes,
many
receive
a
Parent
Pillar
rating
of
Above
Average
or
High.
We
hope
reports
such
as
this
help
asset
managers
continue
to
strive
for
excellence
in
their
practice,
strategy,
philosophy,
and
process.
“ESG
investing
remains
top
of
mind
for
many
European
fund
houses.
Among
the
top
100
fund
families,
the
average
share
of
Article
8
or
9
funds
in
the
product
offering
rose
to
around
45%
from
38%
a
year
ago.”
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