Spring 2025: the funds gaining and losing their Elite Ratings

Following our spring investment committee meeting, FundCalibre has made several changes to our Elite Ratings. Four funds have been newly awarded an Elite Rating, while one fund has been added to our Elite Radar. Additionally, one fund has moved from Rated to Radar as it transitions under new management. Finally, we have removed one fund from our ratings. 

Four newly Elite Rated funds

Allianz Technology Trust

The Allianz Technology Trust is all about tapping into the innovation driving the modern world: from artificial intelligence to cybersecurity and cloud computing. Managed by a specialist team based just outside Silicon Valley, the trust benefits from boots-on-the-ground access to some of the world’s most influential and disruptive companies. It’s a high-conviction portfolio of 40–70 stocks, chosen using a bottom-up process with a top-down macro view layered in. 

While tech investing can be more volatile, the trust’s diversification and disciplined process help manage risk. Over the long term, it’s delivered impressive results and we believe it remains a compelling choice for investors who want targeted exposure to one of the fastest-growing areas of the market.

Schroder SIFC Emerging Markets Value

This high-conviction fund brings the proven success of Schroders’ global value investing approach to the world of emerging markets. Managed by co-managers Vera Garman and Juan Torres, it holds just 30–45 stocks, chosen using a rigorous, bottom-up process that focuses on valuation and quality. The team avoids macro calls, preferring to back individual businesses with strong fundamentals trading below their true worth. They believe people and investors are irrational and this leads to inefficient stock markets.

The managers apply the same disciplined approach that has served them well across other strategies and have delivered impressive performance in the fund’s early years. Despite the sector’s inherent risks, the team’s deep understanding of valuation and company fundamentals gives them an edge. We believe this fund offers excellent emerging market exposure for value investors.

Premier Miton Tellworth UK Select

This is an absolute return fund aiming to deliver consistent, positive returns of 8–10% a year, with less risk than the wider UK stock market. It achieves this by running a market-neutral portfolio — taking both long and short positions. The fund is style and factor neutral, meaning it doesn’t lean towards any specific investment trend or type of company. This helps it remain resilient across changing market environments. 

A concentrated portfolio of 35–45 stocks, managed by the experienced duo of John Warren and Johnnie Smith, has a bias towards mid and large-cap companies. They use a combination of proprietary quantitative tools and deep fundamental research to build the portfolio. The fund has consistently undershot its 5%-7% volatility target. With its solid, proven process, we see no reason why this fund shouldn’t continue to deliver in the future. 

Orbis Global Cautious

With a flexible mandate, the fund invests primarily in global equities and bonds, but can also hold cash when opportunities are scarce. This is a differentiated multi-asset strategy designed to grow capital while managing downside risk. As with the Elite Rated Orbis Global Balanced fund, this portfolio will also have a contrarian approach, but will have much larger exposure to bonds (roughly double the Balanced fund) and half the equity position.

We are big supporters of the team at Orbis, who have shown they are more than capable of delivering excellent long-term performance by building bottom-up portfolios that can perform across a variety of market conditions. The fund has held up well in tough market conditions, and we believe it can play a valuable role in a diversified portfolio for cautious investors seeking global exposure with a risk-aware mindset.

New Elite Radar

WS Raynar UK Smaller Companies

Managed by industry veteran Philip Rodrigs, the fund focuses on uncovering hidden gems within the UK’s small-cap space. With 70-90 holdings, the fund blends high-conviction with diversification, aiming to capitalise on overlooked companies that offer strong growth potential, improving margins, and sound management. His willingness to act quickly following promising company meetings sets him apart from slower-moving peers.

Philip has long been regarded as one of the UK’s most skilled small-cap investors, with a history of delivering excellent returns at previous firms. While this fund is relatively new, his disciplined and proven process gives us strong confidence in its long-term potential and we see no reason why this strong performance cannot continue.

One fund moves from Rated to Radar

Janus Henderson European Selected Opportunities 

Co-manager Tom O’Hara has left the fund, leaving Tom Lemaigre, co-manager since 2022, in place. While the investment process remains unchanged and the team is being strengthened with additional managers and analysts, we believe O’Hara’s departure is significant. We’re therefore moving the fund to Elite Radar while the new management team builds a track record together.

One fund loses rating

European Opportunities Trust — The fund has had a deteriorating AlphaQuest score and no longer passes our minimum threshold. Therefore, the team had to make the decision that it should lose its Elite Rating.