The rating of the fund has been dropped to A from AA following the news Nick Little is to be made sole manager from 1 March, with Mark Lyttleton, the long-time manager of the fund stepping down.
OBSR said it had been in close contact with Lyttleton as well as Nick Little over recent months and is "comfortable with the new manager’s investment philosophy and process", which it believes are "consistent of a benchmark aware fund".
Despite this it thinks an A rating is a better reflection of its conviction in the fund at present.
