Shiozumi fund downgraded by S&P

S&P has downgraded Japan offerings from Legg Mason and Pictet in its latest annual review of t...

S&P has downgraded Japan offerings from Legg Mason and Pictet in its latest annual review of the sector. It has cut Legg Mason Japan Equity from A to Not Rated after a second consecutive year of bottom decile performance. Run by veteran manager Hideo Shiozumi, the portfolio, which also ranks bottom decile on a five-year basis, was criticised for its lack of downside risk controls. Pictet’s Japanese Equity Selection has been slashed from AA to A. S&P said its quants method employed by manager Richard Heelis had undermined effectiveness of stock selection, which was the driver of the fund...