Following a recent meeting with the new co-manager Darrell O’Dea we have decided to place the Gartmore European Absolute Return fund on hold (at 2 stars). O’Dea has a long term successful track history, however in his own words it has taken him some time to get his feet under the desk within Gartmore since joining in May this year. He has changed around 50% of the fund’s portfolio following Guillaume Rambourg’s departure and has also increased the UK allocation up to 25% of the overall portfolio.
For these reasons we have downgraded the fund but will continue to monitor it actively.