Peter Brunt, Analista Senior de Morningstar UK ,cubrió la investigación con fecha 10/03/2020 , de la que entresaco algunos párrafos
Lo podrán ver en su totalidad en la web de Morningstar
While returns have benefited from style tailwinds since launch, we believe Smith has added significant value above and beyond the strategy’s investment style bias,
Performance has held up even through less favourable market conditions, notable in 2016, when there was a strong rotation to value.
Furthermore, relative to a subset of funds with similar portfolio characteristics, returns have proved far superior since launch, including on a risk-adjusted basis
The resultant portfolio is highly focused, with elements of sector concentration (large parts of the market are excluded) and elevated valuation risk, and returns may therefore look at odds with its broad MSCI World reference benchmark over the short term,
As evidenced by a consistent adherence to the process on valuation, we believe Smith has a good handle on the risks, however, and over the long term will serve investors well
