27th January 2015
Stuart Rhodes, manager of M&G Global Dividend, apologises for the disappointing performance of his fund in 2014
In an unusually candid open letter, Stuart Rhodes, manager of the Elite Rated M&G Global Dividend fund, has apologised to his investors for the disappointing performance of the fund in 2014.
The letter, which is available here, addresses the reasons why the fund underperformed both its benchmark and sector average in the past calendar year.
Stuart is an up and coming manager, whom the directors of FundCalibre know very well and have supported from very early on in his career. He has managed the fund since its launch in 2008, and to put it into context, this is the first year since its launch that the fund has underperformed.
Stuart has been very open and honest in his letter and it is to his credit that he has acknowledged the performance issues so publicly and in such a timely manner. Every fund manager, no matter how great, will have an off year or two, and we believe Stuart will turn the performance around once again. The fund remains Elite Rated.
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