By MARCEL PORCHERON 05/08/2008
Following our latest review of First State’s Emerging Markets funds we have downgraded our rating of the Global Emerging Markets Fund from four to three stars in order to bring it in line with the First State Global Emerging Markets Leaders Fund. We no longer see any justification for a differential in the rating of these two products and historically the Global Emerging Markets fund (which has been soft closed for some time) has performed very similarly to the Leaders Fund, which has more of a large cap emphasis.
Investors should note that Jon Asante recently assumed managerial responsibility for the emerging markets funds at First State. Although Angus Tulloch remains heavily involved in the funds on a daily basis, our three star ratings represent our cautious stance to Asante’s appointment in the shorter term.