Analysts at Square Mile Investment Consulting and Research (Square Mile) conducted 26 interviews with investment professionals from 52 asset management groups during July 2025. Based on the intelligence gained during these meetings and in light of recent corporate announcements, the following actions have been taken:
New ratings
Campbell Absolute Return UCITS fund awarded A rating
Square Mile’s team of analysts have introduced the Campbell Absolute Return UCITS fund into the Academy of Funds with an A rating.
This is a systematic multi-strategy fund with four core pillars which are largely uncorrelated to each other, investing across multiple financial markets with the aim of generating positive returns across a market cycle. Its all-weather approach allows the underlying team to source opportunities in all market conditions, and the group has a proven pedigree in this field, boasting a team of vastly experienced investors. Historically, this fund has been negatively correlated to equity and fixed income markets, and has protected capital when it matters most, in sustained market downturns. This has resulted in an impressive track record with a strong focus on risk management. The analysts believe this fund can offer attractive diversification benefits within investors’ portfolios in a more unpredictable global economy. (Decision as at 29.07.25)
Waverton Multi-Asset Defensive, Cautious, Balanced, and Growth funds enter the Academy of Funds
Square Mile has introduced the Waverton Multi-Asset range into the Academy of Funds, awarding Positive Prospect ratings to the Defensive, Cautious and Balanced funds, and an A rating to the longer-standing Multi-Asset Growth fund. Since introducing the Waverton Multi-Asset Income fund into the Academy in June 2023 with an A rating, the analysts’ conviction in the ability of lead manager, James Mee, and his supporting team has grown. This relatively recently launched range of funds follows the same investment process as the Multi-Asset Income fund, but with each fund having an objective that targets differing levels of real returns over the long-term.
The analysts believe that the Waverton Multi-Asset range of funds is an attractive option for investors seeking a consistently applied and actively managed investment approach spanning a spectrum of investor risk profiles. (Decision as at 25.07.2025)
Capital Group Global Corporate Bond fund awarded A rating
Square Mile’s analysts have awarded the Capital Group Global Corporate Bond fund an A rating and it enters the Academy of Funds.
This is a core global corporate bond strategy, solely focused on investment grade corporate bonds, avoiding any exposure to high yield debt. In the analysts’ view, what makes this fund stand out is that the portfolio is built directly by the credit research analysts who construct their segments of the portfolio based on their highest conviction ideas.
With a solid track record since launch in 2012, they believe this strategy is a compelling proposition offering access to the global corporate investment grade bond market. (Decision as at 17.07.2025)
Retained ratings
Premier Miton Tellworth UK Smaller Companies fund retains A rating
Despite the recent news that James Gerlis, a named manager of the Premier Miton Tellworth UK Smaller Companies fund, has left the business Square Mile’s analysts have retained the fund’s A rating.
Ultimately, their rating is driven by the ongoing involvement of Paul Marriage and John Warren, who remain committed to the strategy. (Decision as at 23.07.2025)
M&G Income and Growth fund retains A rating
Following the change in name of the M&G Episode Income fund to M&G Income and Growth, Square Mile has decided to retain its A rating on the fund. There is to be no material change to the philosophy of the team, nor the investment process which underpins it, and therefore the analysts expect the fund to continue to be run in the same manner as it was under its previous name. They are therefore happy retaining the fund’s rating. (Decision as at 11.07.2025)
CCLA Better World Global Equity fund retains Positive Prospect rating
A Stock Exchange announcement dated 10 July 2025 confirmed that CCLA is set to be acquired by Jupiter Investment Management, subject to regulatory approval.
CCLA Better World Global Equity fund is currently rated Responsible Positive Prospect within Square Mile’s Academy of Funds. However, the analysts do not expect this acquisition to have a discernible impact on the management of the fund. Additionally, CCLA is expected to preserve its established name and distinct identity following the acquisition. It is also projected that CCLA will benefit from Jupiter’s reputation and scale within the UK and internationally, leveraging its operational infrastructure and distribution footprint.
The analysts’ scheduled review meeting with the CCLA team in September will serve as an opportunity to conduct a comprehensive assessment of the implications stemming from this acquisition. They will then formally reassess the rating, although in the interim the fund’s rating is retained. (Decision as at 10.07.2025)
Downgraded rating
M&G Emerging Market Debt fund downgraded from AA to A rating
Following the recent announcement of Claudia Calich’s retirement as lead manager of the M&G Emerging Market Debt Fund, Square Mile’s analysts have decided to downgrade the fund’s rating from AA to A. However, despite the loss of Ms Calich’s investment experience and leadership, they have confidence in Charles De Quinsonas’s ability to lead the strategy and team. Mr De Quinsonas has extensive experience in his own right and a long-standing involvement with the fund and enjoys strong support from the wider team and available resources.
Square Mile would like to take this opportunity to congratulate Ms Calich on her long and successful career and wish her all the best in her retirement. (Decision as at 23.07.2025)
Ratings removed
Schroder Income, Schroder Income Maximiser, Schroder Recovery funds lose A ratings
Schroder Global Sustainable Value Equity fund retains Responsible A rating
Schroders recently announced changes within its Global Value team, including the departure of its head, Nick Kirrage and the promotion of Simon Adler to Head of Value Equities.
As a result of this news, Square Mile’s analysts have removed the A ratings held by the Schroder Income, Schroder Income Maximiser, and Schroder Recovery funds. Although this was not an easy decision, it reflects their level of conviction in Mr Kirrage, whose departure, in their view, represents a material change in the leadership of these strategies. They also note that this follows the previous departures of Kevin Murphy (June 2024) and Andy Evans (June 2025), which further contributed to their reassessment of the funds’ ratings. While the analysts acknowledge the robustness of the team’s value investment process, they believe it to be appropriate to withdraw the funds’ ratings at this time.
However, the analysts have retained the Responsible A rating held by the Schroder Global Sustainable Value Equity fund. Although Simon Adler will have additional demands on his time as he assumes his new role, the analysts do not think this will have a material impact on this fund, given his additional support from Liam Nunn and Roberta Barr. (Decision as at 23.07.2025)
BNY Mellon Real Return fund loses A rating
In May, Square Mile’s analysts suspended the BNY Mellon Real Return fund’s A rating on the news that Andy Warwick, the fund’s co-manager, and Brendan Mulhern and Matthew Brown, long-standing members of the Real Return team, had left the business. This coincided with other significant leadership changes within the firm. The analysts have since met with the new co-managers, Aron Pataki and Ella Hoxha, and learned that although the fund’s objective will remain the same, the strategy will now sit under the newly formed and broader Absolute Return team. The analysts believe that these changes are material, and they would prefer to allow the team time to transition the strategy and to build its track record and have therefore removed the fund from the Academy of Funds in the interim. (Decision as at 04.07.2025)
