The first has been dropped from a bronze to a neutral rating due to the diminishing conviction the research firm has in the fund.
"The performance profile has been deteriorating for a protracted period of time during an admittedly difficult period for managers, who rely primarily on fundamental stock analysis as their source of added value.
Meanwhile the GAM Star Japan Equity Fund has been downgraded from silver to bronze after its management changed.
Ben Williams who is a senior investment manager in the pacific/Japan investment team took over as sole responsibility for the fund in January having worked with its previous manager Lesley Kaye for several years. Kaye remains as a consultant to the team.
"Having been in regular contact with Mr Williams as part of Morningstar OBSR’s quarterly monitoring process, it is comfortable with this change but believes that an adjustment to the Rating is appropriate," the firm said.