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QUALITY FUNDS

The IA Quality 250

The IA Quality Funds is a list of the blue-chip funds of the offshore universe: it contains only well-established, high performance funds in the most popular categories.

Methodology Starting from the whole Morningstar offshore database of 8,600 funds, only those with a qualitative rating from independent rating agencies Standard & Poor’s or

Pan-European markets equity

Crosby Forsyth Research qualify. Funds in each category are then ranked according to their Morningstar Rating, which is calculated based on a fund’s total returns, adjusted for risk and sales charges, relative to other funds in its Morningstar category.

Sectors The 13 bespoke category divisions are the result of combining various Morningstar GIF sec-

tors, so the funds listed are firstly a reflection of which styles have done well, secondly of which managers have been successful.

3-year vol This measurement is an annualised volatility of the fund over three years.

UK reg The ‘UK reg’ flag is based on Morningstar’s list of UK registered for sale funds.

Offshore/int’l funds 3-yr 3-yr Min init Curr Manager name Domicile Morningstar S&P Fd Forsyth UK Offshore bond % chg vol inv ($) Rating Rating Rating reg? platforms

Invesco Pan Europe Struct Eq A 5.39 19.42 1,500 � Invesco Asset Management Luxembourg �� AA Y

Cazenove Pan Europe B Euro 1.07 18.39 6,340 � Cazenove Int’l Asset Mgt Ireland �� AAA Y

Ennismore Europe Sm Comp £ -0.23 16 8,079 £ Ennismore Fund Mgt Ireland �� A Y

Vontobel European Value Eq A2 -4.37 17.82 6,340 � Vontobel Fonds Services Luxembourg �� AA

MFS Meridian Europe Value A1� -4.42 17.98 5,072 � MFS International Luxembourg �� AA

Franklin Mutual Europe A Acc � -5.4 18.72 5,000 � Frank Temp Inv Fnds (Sicav) Luxembourg �� AA Y

MFS Meridian European Eq A1� -11.22 20.03 5,072 � MFS International Luxembourg �� A AA

Cominvest Fd Eastern Europe P -11.85 33.12 1.27 � Cominvest Asset Mgt Luxembourg �� AA

Henderson HF Pan Europe Eq A2 -3.94 19.6 3,170 � Henderson Global Investors Luxembourg �� AA AA Y

Fortis L Eqty Telecom Europe C -4.51 20.41 1,902 � Fortis Investments Luxembourg �� A

JGF Jupiter European Opps L � -4.56 22.06 1,268 � Jupiter Asset Management Luxembourg �� AA Y

FF – Euro Larger Cos A Euro -7.05 17.85 3,170 � Fidelity (FIL (Luxembourg)) Luxembourg �� A Y

GAM Star European Equity � Acc -7.57 19.24 12,680 � GAM Fund Mgt (Ireland) Ireland �� AA Y

Allianz RCM Europe Eqty Gth W -7.91 22.81 12.68m � Allianz Global Investors Luxembourg �� AA Y

JPM Europe Dynamic A (D) – � -8.16 22.5 44,382 � JPMorgan AM (Europe) Luxembourg �� AA Y

BGF European A2 � -8.94 20.75 5,072 � BlackRock Global Funds Luxembourg �� A Y

Nevsky Eastern European $ Inc -9.39 33.75 35,000 $ Nevsky Capital Ireland �� AAA AA FPI

FF – Euro Blue Chip A Euro -10.45 22.78 3,170 � Fidelity (FIL (Luxembourg)) Luxembourg �� A Y FPI

Pioneer Fds Euroland Eq E � ND -10.46 21.36 1.00 � Pioneer Asset Management Luxembourg �� A

Allianz RCM Small Cap Europa A -11.58 26.87 1.00 � Allianz Global Investors Luxembourg �� AA

GS Europe Core Eq P’folio Base -12.31 20.89 6,340 � Goldman Sachs AM Int’l Luxembourg �� AAA Y

Principal European Equity A Inc -12.97 22.81 10,000 $ Principal Global Investors Ireland �� AA FPI

GS Europe Portfolio Base � -13.12 20.88 6,340 � Goldman Sachs AM Int’l Luxembourg �� A Y

FF – European Growth A Euro � -13.34 21.54 3,170 � Fidelity (FIL (Luxembourg)) Luxembourg �� AA Y Gen, Hil, Hel, SLI

Baring Eastern Europe $ -13.63 35.87 5,000 $ Baring Asset Management Ireland �� A AA Y FPI, Gen, Rsk, SLI

Invesco European Growth Eq A -14.06 23.06 1,500 � Invesco Asset Management Luxembourg �� AA Y

Berenberg Europe S&M Caps B -14.31 29.83 1.00 � Berenberg Lux Invest Luxembourg �� AA

Oyster European Opp � -14.6 23.14 1.00 � Banque Syz & Co Luxembourg �� A

Axa R’berg Eurobloc Eqty Alp A -14.66 23.22 1.27m � Axa Rosenberg Mgt Ireland Ireland �� AA Y

Montanaro European Smaller Co -15.03 27.03 1,616 £ Montanaro Fund Managers Ireland �� AA A

H&A Lux Equities – Value Inv B -15.84 26.11 6,340 � Hauck & Aufhäuser Inv Luxembourg �� AA

PF (Lux) SC Europe – P Cap -16.41 25.76 1,268 � Pictet Funds Luxembourg �� A

BGF European Value A2 EUR � -17.55 21.86 5,072 � BlackRock Global Funds Luxembourg �� A Y

Data source: © 2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Performances have been calculated on a bid-to-bid, $, gross income basis. Volatility is expressed as standard deviation of 36 monthly total returns (bid-to-bid). The Morningstar Rating is calculated based on a fund’s total returns, adjusted for risk and sales charges, relative to other funds in its Morningstar Category. The Overall Morningstar Rating published here is based on a weighted average of a fund’s three-, five- and ten-year ratings, depending on the length of its record.

42 INTERNATIONAL ADVISER [www.international-adviser.com] DECEMBER 2008

Data supplied by including ratings by

Offshore bond platforms This shows which international life firms offer these funds in some kind of preferential way – either as a mirror fund or with lower charges on their non-portfolio bond platforms. Please note that on the open-architecture portfolio bond products offered by these firms, almost every fund would be available.

Bond platform key

Axa Axa Isle of Man CLI Canada Life International CMI Clerical Medical Int’l FPI Friends Provident Int’l Gen Generali International Hil Hansard International Hel Hansard Europe ILI Irish Life International OMI Old Mutual International NUI Norwich Union Int’l Pru Prudential Rsk Royal Skandia SkI Skandia Ireland SEI Scottish Equitable Int’l SLI Scottish Life International SMI Scottish Mutual Int’l SPI Scottish Provident Int’l Zur Zurich Int’l Solutions

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