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Tops In First Ever Rating As A Fund Manager

Tuesday, 8 July 2003

Sovereign One Of The Top In First Ever Rating As A Fund Manager

Sovereign has been given a four star rating as a fund manager by Morningstar, placing it second equal in New Zealand for returns.

“It is the first time Sovereign has ever been rated as a fund manager, so we are proud to be considered one of this country’s top managers” says Simon Swanson, Managing Director, Sovereign.

Seven of Sovereign’s funds received five star ratings with the overall four star rating being an average over all its funds.

“Given the challenging market conditions over the last two to three years, Sovereign has been working hard to manage its funds to deliver some of the best returns in the market over the period.

“The rating is well-timed as recent research reveals New Zealanders are generally not saving efficiently, effectively or at all in some cases. Those that are, have much of their money tied up in just one asset class — property.

“Sovereign believes residential housing is a sound investment, but has concerns that the country’s love affair with housing means investors have too narrow a portfolio of investments. It is an ill-conceived investment strategy to put a lot of money in one asset class, whether it’s housing, bank deposits or gold bullion.

“Sovereign has a strong focus on delivering returns to its managed fund customers, while ensuring the highest levels of service are provided.

Ends. Background information follows.

Note: This media release is available at

Background Information
Morningstar’s star ratings are derived from asset-weighted averages of the star ratings for the company’s funds, although they are now normally distributed and fund sizes relate to three years previous.
Morningstar’s new quantitative research process has extended the number of funds rated and enables more fund managers to have a manager star rating.
The latest ratings are based on risk-adjusted returns over three and five year periods.

© Scoop Media

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