The BMO Pyrford Global Absolute Return Fund has received a Morningstar Analyst Rating of Silver, its first Morningstar Analyst Rating since being made available to the intermediary market in Australia 18 months ago.
The BMO Pyrford Global Absolute Return Fund was awarded the rating for the first time by Morningstar in its 2016 multi asset sector review, which recognised the fund for its long track record of consistent performance derived from a straightforward approach to multi-asset investing.
The fund is run by one of BMO Global Asset Management's specialised managers, Pyrford International – a London-based investment team with a successful track record of more than 22 years.
The long-only fund invests in high quality global equities, global sovereign bonds and cash. It has a two-year track record in Australia and implements the same investment philosophy as its UK offering, although it is managed in AUD and to an Australian CPI + 4 per cent investment objective. Since its inception, BMO has raised over AUD600 million in the fund.
"The Morningstar Analyst Rating marks an important milestone in our long-term commitment to the Australian market," says Tony Cousins (pictured), chief investment officer and CEO of Pyrford International.
"We're proud of the recognition BMO Pyrford Global Absolute Return Fund has received with this rating and the success it has achieved in providing financial advisers with a liquid and transparent vehicle to help navigate their clients through the current investment environment," says Ravi Sriskandarajah, managing director, BMO Global Asset Management (Asia Pacific). "Absolute return investing doesn't necessarily have to be accessed through complex strategies. The long-only and unconstrained approach of the fund over the long term can, and has, yielded attractive risk-adjusted returns for investors."
In July 2013, BMO Global Asset Management opened its Australian office – led by Sriskandarajah – to serve institutional investors and intermediary channels. In late 2014, the firm added former AQR vice president Michael Angwin to the team to lead their efforts in building their intermediary channel.
Angwin says: "Feedback from this channel suggests strategies such as those that Pyrford employs will continue to grow in demand in this period of greater uncertainty, where real returns characterised by low volatility are a viable means of managing factors such as sequencing risk."
